The Fundamental Theorems of Welfare Economics in a Non-Welfaristic Approach
AbstractThis paper investigates extensions of the two fundamental theorems of welfare economics to the framework in which each agent is endowed with three types of preference relations: an allocation preference relation, an opportunity preference relation, and an overall preference relation. It is shown that, under certain conditions, the two theorems can be extended. It is also pointed out that the conditions underlying the positive results are restrictive.
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Bibliographic InfoPaper provided by Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University in its series Discussion Paper with number 48.
Length: 18 p.
Date of creation: Jan 2002
Date of revision:
Note: First Version: September 2001; This Version: January 2002
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Find related papers by JEL classification:
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
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