Statements (19)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
gptkb:economic_policy
|
| gptkbp:appliesTo |
gptkb:public_policy
welfare economics market failure |
| gptkbp:describes |
conditions under which Pareto optimality is not achieved
|
| gptkbp:formedBy |
gptkb:Richard_Lipsey
gptkb:Kelvin_Lancaster |
| https://www.w3.org/2000/01/rdf-schema#label |
theory of the second best
|
| gptkbp:publishedIn |
gptkb:Review_of_Economic_Studies
1956 |
| gptkbp:relatedTo |
gptkb:Pareto_efficiency
general equilibrium theory first-best solution market distortion second-best solution |
| gptkbp:state |
if a constraint prevents the fulfillment of one optimality condition, the next-best solution may require violating other optimality conditions
|
| gptkbp:bfsParent |
gptkb:Lipsey-Lancaster_theorem
gptkb:second-best_theory |
| gptkbp:bfsLayer |
8
|