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The Fundamental Theorems of Welfare Economics in a Non-Welfaristic Approach

Author

Listed:
  • Tadenuma, Koichi
  • Xu, Yongsheng

Abstract

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.

Suggested Citation

  • Tadenuma, Koichi & Xu, Yongsheng, 2002. "The Fundamental Theorems of Welfare Economics in a Non-Welfaristic Approach," Discussion Paper 48, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  • Handle: RePEc:hit:piedp1:48
    Note: First Version: September 2001; This Version: January 2002
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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/14504/1/pie_dp48.pdf
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    More about this item

    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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