GENERALIZED SAMUELSON CONDITIONS AND WELFARE THEOREMS FOR NONSMOOTH ECONOMIES

We give intuitive Samuelson conditions for a very general class of eco nomies. Smoothness and monotonicity are not required. We provide neces sary and sufficient conditions for all Pareto-efficient allocations, i ncluding those on the boundary. We prove that if all agents have a che aper point, the supporting prices fully decentralize the allocation. W e also show first and second welfare theorems as corollaries to the ch aracterization of efficient allocations.