second fundamental theorem of welfare economics

second fundamental theorem of welfare economics

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  • Fundamental theorems of welfare economics — There are two fundamental theorems of welfare economics. The first states that any competitive equilibrium or Walrasian equilibrium leads to an efficient allocation of resources. The second states the converse, that any efficient allocation can… …   Wikipedia

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  • Economics — This article is about the social science. For other uses, see Economics (disambiguation). For a topical guide to this subject, see Outline of economics. Economics …   Wikipedia

  • Convexity in economics — Economics …   Wikipedia

  • Social planner — In welfare economics, a social planner is a decision maker who attempts to achieve the best result for all parties involved. In neo classical welfare economics, this means the maximization of a social welfare function. In modern welfare economics …   Wikipedia

  • General equilibrium — theory is a branch of theoretical microeconomics. It seeks to explain the behavior of supply, demand and prices in a whole economy with several or many markets. It is often assumed that agents are price takers and in that setting two common… …   Wikipedia

  • Non-convexity (economics) — In economics, non convexity refers to violations of the convexity assumptions of elementary economics. Basic economics textbooks concentrate on consumers with convex preferences (that do not prefer extremes to in between values) and convex budget …   Wikipedia

  • Coase theorem — In law and economics, the Coase theorem (pronounced /ˈkoʊs/), attributed to Ronald Coase, describes the economic efficiency of an economic allocation or outcome in the presence of externalities. The theorem states that if trade in an externality… …   Wikipedia

  • Kenneth Arrow — Infobox Scientist name = Kenneth J. Arrow caption = National Medal of Science award ceremony, 2004 image size = 180px birth date = Birth date and age|1921|8|23 birth place = New York City, New York, USA nationality = United States field =… …   Wikipedia

  • Mechanism design — The Stanley Reiter diagram above illustrates a game of mechanism design. The upper left space Θ depicts the type space and the upper right space X the space of outcomes. The social choice function f(θ) maps a type profile to an outcome. In games… …   Wikipedia

  • Consumer choice — Economics …   Wikipedia


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