Statements (17)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
gptkb:economic_policy
|
| gptkbp:alsoKnownAs |
gptkb:theory_of_the_second_best
|
| gptkbp:describes |
when one optimality condition in an economic model cannot be satisfied, the next-best solution may require violating other optimality conditions
|
| gptkbp:field |
welfare economics
|
| gptkbp:formedBy |
gptkb:Richard_Lipsey
gptkb:Kelvin_Lancaster |
| https://www.w3.org/2000/01/rdf-schema#label |
second-best theory
|
| gptkbp:influenced |
policy analysis
public economics regulation theory |
| gptkbp:publicationYear |
1956
|
| gptkbp:publishedIn |
gptkb:Review_of_Economic_Studies
|
| gptkbp:relatedTo |
gptkb:Pareto_efficiency
general equilibrium theory market failure |
| gptkbp:bfsParent |
gptkb:Diamond–Mirrlees_production_efficiency_theorem
|
| gptkbp:bfsLayer |
7
|