The Fundamental Theorems of Welfare Economics in a Non-Welfaristic Approach
This 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.
|Date of creation:||Jan 2002|
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|Note:||First Version: September 2001; This Version: January 2002|
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