The author proves several versions of the second welfare theorem for exchange economies with non convex preferences. One theorem asserts that, given a Pareto optimum f, one can find income transfers and a Walrasian quasiequilibrium g s uch that all but k agents are indifferent between f and g, where k is the number of commodities. Another theorem shows that, with probabil ity one in a particular formulation of a random sequence of economies , every Pareto optimum is close to a Walrasian equilibrium with incom e transfers. Copyright 1988 by The Econometric Society.
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Article provided by Econometric Society in its journal Econometrica.
Volume (Year): 56 (1988) Issue (Month): 2 (March) Pages: 361-82 Download reference. The following formats are available: HTML,
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