Extensions of the Fundamental Welfare Theorems in a Non-welfaristic Framework
In a non-welfaristic framework, Sen (1993) extends the first fundamental welfare theorem by demonstrating that the market mechanism also promotes individual freedom efficiently. This paper has a two-fold purpose. First, in order to investigate extensions of the first and the second welfare theorems, we present an analytical 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. We demonstrate that under certain conditions, the two welfare theorems can be extended. Second, we describe the restrictive nature of the underlying conditions for these positive results.
Volume (Year): 53 (2012)
Issue (Month): 1 (June)
|Contact details of provider:|| Phone: +81-42-580-8000|
Web page: http://www.econ.hit-u.ac.jp/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Tadenuma, Koichi & Xu, Yongsheng, 2010.
"The Walrasian Distribution of Opportunity Sets : An Axiomatic Characterization,"
2010-16, Graduate School of Economics, Hitotsubashi University.
- Koichi Tadenuma & Yongsheng Xu, 2010. "The Walrasian Distribution of Opportunity Sets: An Axiomatic Characterization," Global COE Hi-Stat Discussion Paper Series gd10-158, Institute of Economic Research, Hitotsubashi University.
- Tadenuma, Koichi & Xu, Yongsheng, 2010. "The Walrasian Distribution of Opportunity Sets : An Axiomatic Characterization," CCES Discussion Paper Series 39, Center for Research on Contemporary Economic Systems, Graduate School of Economics, Hitotsubashi University.
- N. Gravel & J.-F. Laslier & A. Trannoy, 1996.
"Individual freedom of choice in a social setting,"
THEMA Working Papers
96-25, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
When requesting a correction, please mention this item's handle: RePEc:hit:hitjec:v:53:y:2012:i:1:p:107-120. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Digital Resources Section, Hitotsubashi University Library)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.