fundamental theorems of welfare economics
GPTKB entity
Statements (24)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
gptkb:economic_policy
|
| gptkbp:assumes |
perfect competition
perfect information complete markets no externalities convex preferences |
| gptkbp:field |
welfare economics
|
| gptkbp:firstTheorem |
any competitive equilibrium leads to a Pareto efficient allocation
|
| https://www.w3.org/2000/01/rdf-schema#label |
fundamental theorems of welfare economics
|
| gptkbp:influenced |
general equilibrium theory
market design public economics |
| gptkbp:notableFigure |
gptkb:Kenneth_Arrow
gptkb:Gerard_Debreu gptkb:Lionel_McKenzie |
| gptkbp:numberOfTheorems |
2
|
| gptkbp:originatedIn |
20th century
|
| gptkbp:publishedIn |
gptkb:Econometrica
|
| gptkbp:relatedConcept |
gptkb:Pareto_efficiency
market failure competitive equilibrium |
| gptkbp:secondTheorem |
any Pareto efficient allocation can be achieved by a competitive equilibrium, given suitable redistribution of initial endowments
|
| gptkbp:bfsParent |
gptkb:Arrow-Debreu_model
|
| gptkbp:bfsLayer |
7
|