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Generalized Convexity, Generalized Monotonicity and Applications pp 341–350Cite as

Equilibrium Prices and Quasiconvex Duality

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Part of the Nonconvex Optimization and Its Applications book series (NOIA,volume 77)

Abstract

Given an economy in which there is a commodity trading between two Sectors A and B. For a given vector of prices Sector B is interested in getting a maximal commodity worth under an expenditure constraint. Sector A is interested in finding a feasible vector of prices such that the level of trade allowance per one unit of commodity worth is maximized. The problem under consideration is a quasiconvex minimization. Using quasiconvex duality we obtain a dual problem and a generalized Karush-Kuhn-Tucker condition for optimality. The optimal vector of prices can be interpreted as equilibrium and as a linearization of the commodity worth function at the optimal dual’s solution.

Keywords

  • Quasiconvex
  • Duality
  • Price
  • Equilibrium

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Author information

Authors and Affiliations

  1. Institute of Mathematics, Vietnam

    Phan Thien Thach

Authors
  1. Phan Thien Thach
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Editor information

Editors and Affiliations

  1. RMIT University, Australia

    Andrew Eberhard

  2. University of the Aegean, Greece

    Nicolas Hadjisavvas

  3. University of Avignon, France

    Dinh The Luc

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© 2005 Springer Science + Business Media, Inc.

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Thach, P.T. (2005). Equilibrium Prices and Quasiconvex Duality. In: Eberhard, A., Hadjisavvas, N., Luc, D.T. (eds) Generalized Convexity, Generalized Monotonicity and Applications. Nonconvex Optimization and Its Applications, vol 77. Springer, Boston, MA. https://doi.org/10.1007/0-387-23639-2_20

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