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- W1566387526 abstract "This paper discusses necessary optimality conditions for multi-objective optimization problems with application to the Second Theorem of Welfare Economics. We use the extremal principle, since we consider non-convex sets non-smooth functions. Particularly, we develop a slight generalization of the main result of A. Jofre and J. Rivera Cayupi [A nonconvex separation property and some applications, Math. Program. 108 (2006) 37-51], which allows more flexibility in a stochastic economy with production and stock market. Formally, we define a stock market equilibrium through the necessary optimality conditions at a constrained Pareto optimal allocation. We show that the Second Theorem of Welfare Economics holds in a two-period framework. But, by mean of an example, we show that this later result is no longer true for multi-period economies." @default.
- W1566387526 created "2016-06-24" @default.
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- W1566387526 date "2006-07-01" @default.
- W1566387526 modified "2023-09-27" @default.
- W1566387526 title "About the second theorem of Welfare economics with stock markets" @default.
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