OPTIMALITY OF EQUILIBRIUM

William Bryant

Chapter 9 in General Equilibrium:Theory and Evidence, 2009, pp 262-302 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:IntroductionThe first fundamental theorem of welfare economicsPreliminaries and definitionsThe First Welfare Theorem under ‘classical’ conditionsThe FWT under some non-classical conditionsAlternative preference conditionsIndivisible commoditiesMissing markets, externalities and public goodsBudget constraints that hold with equalitySummary on the FWTThe second fundamental theorem of welfare economicsThe SWT under ‘classical’ conditionsSome generalisations, extensions and limitations of the SWTInterdependent preferencesGeneral preference orderingsNon-convex production setsIncomplete marketsSome other extensions of, and limits to, the SWTSummary on the SWT‘Achieving’ a Pareto optimum versus ‘supporting’ a Pareto optimumConclusion

Keywords: General Equilibrium; Existence; Uniqueness; Stability; Optimality; Comparative Statics; Empirical Implications (search for similar items in EconPapers)
JEL-codes: O30 (search for similar items in EconPapers)
Date: 2009
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