Mean value theorem for convex functions |
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Authors: | Leon L Wegge |
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Institution: | C.O.R.E., Heverlee, Belgium |
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Abstract: | Closed proper convex functions have many properties in common with differentiable functions such as continuity and one-sided directional derivatives. In this paper it is shown that there exists a mean value theorem for such functions with the gradient vector in the differentiable case replaced by an element of the subdifferential in the convex case.Under compactness of the isoquant sets, (minus) the cost functions are convex and with the theorem above it is easy to show that under incomplete specialization and constant returns to scale the prices of international goods determine uniquely the prices of domestic goods if the isoquant sets are linearly independent. |
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