Open Access. Powered by Scholars. Published by Universities.®

Applied Mathematics Commons

Open Access. Powered by Scholars. Published by Universities.®

PDF

Mathematics Research Reports

Series

Extremal principle

Publication Year

Articles 1 - 3 of 3

Full-Text Articles in Applied Mathematics

Extended Second Welfare Theorem For Nonconvex Economies With Infinite Commodities And Public Goods, Aychiluhim Habte, Boris S. Mordukhovich Jun 2010

Extended Second Welfare Theorem For Nonconvex Economies With Infinite Commodities And Public Goods, Aychiluhim Habte, Boris S. Mordukhovich

Mathematics Research Reports

This paper is devoted to the study of nonconvex models of welfare economics with public goods and infinite-dimensional commodity spaces. Our main attention is paid to new extensions of the fundamental second welfare theorem to the models under consideration. Based on advanced tools of variational analysis and generalized differentiation, we establish appropriate approximate and exact versions of the extended second welfare theorem for Pareto, weak Pareto, and strong Pareto optimal allocations in both marginal price and decentralized price forms.


Suboptimality Conditions For Mathematical Programs With Equilibrium Constraints, Truong Q. Bao, Panjak Gupta, Boris S. Mordukhovich Jul 2007

Suboptimality Conditions For Mathematical Programs With Equilibrium Constraints, Truong Q. Bao, Panjak Gupta, Boris S. Mordukhovich

Mathematics Research Reports

In this paper we study mathematical programs with equilibrium constraints (MPECs) described by generalized equations in the extended form 0 is an element of the set G(x,y) + Q(x,y), where both mappings G and Q are set-valued. Such models arise, in particular, from certain optimization-related problems governed by variational inequalities and first-order optimality conditions in nondifferentiable programming. We establish new weak and strong suboptimality conditions for the general MPEC problems under consideration in finite-dimensional and infinite-dimensional spaces that do not assume the existence of optimal solutions. This issue is particularly important for infinite-dimensional optimization problems, where the existence of optimal …


Pareto Optimal Allocations In Nonconvex Models Of Welfare Economics, Boris S. Mordukhovich Mar 2003

Pareto Optimal Allocations In Nonconvex Models Of Welfare Economics, Boris S. Mordukhovich

Mathematics Research Reports

The paper is devoted to applications of modern variational analysis to the study of Pareto (as well as weak and strong Pareto) optimal allocations in nonconvex models of welfare economics with infinite-dimensional commodity spaces. Our basic tool is the extremal principle of variational analysis that provides necessary conditions for set extremality and may be viewed as a variational extension of the classical convex separation principle to the case of nonconvex sets. In this way we obtain new versions of the generalized second welfare theorem for nonconvex economies in terms of appropriate concepts of normal cones.