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030 Department Bulletin Papers = 本学紀要論文
*Hitotsubashi journal of economics
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Identifier to cite or link to this item: https://doi.org/10.15057/23145
Identifier to cite or link to this item: https://hdl.handle.net/10086/23145
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Title
Extensions of the Fundamental Welfare Theorems in a Non-welfaristic Framework
Creator
Creator Name
TADENUMA, KOICHI
TADENUMA, KOICHI
Affiliation
Affiliation Name
Hitotsubashi University
Creator Name
XU, YONGSHENG
XU, YONGSHENG
Affiliation
Affiliation Name
Georgia State University
Key Word
fundamental welfare theorems
market mechanism
freedom
opportunity set
Pareto optimality
JEL
D63
D71
Abstract
In a non-welfaristic framework, Sen (1993) extends the first fundamental welfare theorem by demonstrating that the market mechanism also promotes individual freedom efficiently. This paper has a two-fold purpose. First, in order to investigate extensions of the first and the second welfare theorems, we present an analytical framework in which each agent is endowed with three types of preference relations: an allocation preference relation, an opportunity preference relation, and an overall preference relation. We demonstrate that under certain conditions, the two welfare theorems can be extended. Second, we describe the restrictive nature of the underlying conditions for these positive results.
Publisher
Hitotsubashi University
Issued Date
2012-06
Language
English(eng)
Resource Type
departmental bulletin paper
Version Type
VoR
selfDOI
10.15057/23145
ISSN
0018-280x
NCID
AA00207547
Source Title
Hitotsubashi Journal of Economics
Volume Number
53
Issue Number
1
Page Start
107
Page End
120
Appears in Collections
Vol. 53, no. 1 (Jun. 2012)
URL
https://hdl.handle.net/10086/23145
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