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The Second Welfare Theorem with Nonconvex Preferences

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  • Anderson, Robert M

Abstract

The author proves several versions of the second welfare theorem for exchange economies with non convex preferences. One theorem asserts that, given a Pareto optimum f, one can find income transfers and a Walrasian quasiequilibrium g s uch that all but k agents are indifferent between f and g, where k is the number of commodities. Another theorem shows that, with probabil ity one in a particular formulation of a random sequence of economies , every Pareto optimum is close to a Walrasian equilibrium with incom e transfers. Copyright 1988 by The Econometric Society.

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  • Anderson, Robert M, 1988. "The Second Welfare Theorem with Nonconvex Preferences," Econometrica, Econometric Society, vol. 56(2), pages 361-382, March.
    • Handle: RePEc:ecm:emetrp:v:56:y:1988:i:2:p:361-82
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    Cited by:

    1. Miralles, Antonio & Pycia, Marek, 2021. "Foundations of pseudomarkets: Walrasian equilibria for discrete resources," Journal of Economic Theory, Elsevier, vol. 196(C).
    2. Monique Florenzano & Pascal Gourdel & Alejandro Jofré, 2006. "Supporting weakly Pareto optimal allocations in infinite dimensional nonconvex economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 29(3), pages 549-564, November.
    3. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875, October.
    4. M. Ali Khan & Kali P. Rath, 2011. "The Shapley-Folkman Theorem and the Range of a Bounded Measure: An Elementary and Unified Treatment," Economics Working Paper Archive 586, The Johns Hopkins University,Department of Economics.
    5. Leonidas C. Koutsougeras & Nicholas Ziros, 2015. "The Second Welfare Theorem in Economies with Non-Walrasian Markets," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 17(3), pages 415-432, June.
    6. Anderson, Robert M., 2010. "Core allocations and small income transfers," Journal of Mathematical Economics, Elsevier, vol. 46(4), pages 373-381, July.
    7. Alejandro Manelli, 1990. "Core Convergence Without Monotone Preferences or Free Disposal," Discussion Papers 891, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    8. Paul Oslington, 2012. "General Equilibrium: Theory and Evidence," The Economic Record, The Economic Society of Australia, vol. 88(282), pages 446-448, September.

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