An Extension of the Basic Theorems of Classical Welfare Economics¶

Arrow. (1951). An Extension of the Basic Theorems of Classical Welfare Economics. Proceedings of the Second Berkeley Symposium on Mathematical Statistics and Probability.

Type: Conference paper
Intellectual base: Primary research
Year: 1951
DOI: 10.1525/9780520411586-038
DOI registrant: University of California Press
Link: https://doi.org/10.1525/9780520411586-038

Cited by¶

1 citation across 1 artifact.

Domain-specific¶

Arrow–Debreu Model
- The Second Welfare Theorem states that every Pareto-efficient allocation can be supported as a competitive equilibrium after suitable lump-sum redistribution of endowments, separating the efficiency of the price mechanism from distributional considerations.
  
  Supported in partVerified against the publisher's abstract
  
  “The classical theorem of welfare economics on the relation between the price system and the achievement of optimal economic welfare is reviewed from the viewpoint of convex set theory.”
  From the publisher's abstract.
  
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