Second Fundamental Theorem of Welfare Economics
GPTKB entity
Statements (24)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
gptkb:mathematical_concept
|
| gptkbp:appliesTo |
general equilibrium theory
|
| gptkbp:assumes |
rational agents
well-defined property rights no transaction costs |
| gptkbp:field |
economics
welfare economics |
| https://www.w3.org/2000/01/rdf-schema#label |
Second Fundamental Theorem of Welfare Economics
|
| gptkbp:implies |
efficiency and equity can be separated
|
| gptkbp:provenBy |
gptkb:Kenneth_Arrow
gptkb:Gérard_Debreu |
| gptkbp:publishedIn |
gptkb:Econometrica
1954 |
| gptkbp:relatedTo |
gptkb:First_Fundamental_Theorem_of_Welfare_Economics
|
| gptkbp:requires |
perfect competition
complete markets no externalities convex preferences no increasing returns to scale convex production sets |
| gptkbp:state |
any Pareto efficient allocation can be achieved by a competitive equilibrium, given suitable redistribution of initial endowments
|
| gptkbp:bfsParent |
gptkb:General_Equilibrium_Theory
gptkb:First_Fundamental_Theorem_of_Welfare_Economics |
| gptkbp:bfsLayer |
7
|