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Constructive and Computable Hahn-Banach Theorems for the (Second) Fundamental Theorem of Welfare Economics

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  • K.Vela Velupillai

Abstract

The Hahn-Banach Theorem plays a crucial role in the second fundamental theorem of welfare economics. To date, all mathematical economics and advanced general equilibrium textbooks concentrate on using nonconstructive or incomputable versions of this celebrated theorem. In this paper we argue for the introduction of constructive or computable Hahn-Banach theorems in mathematical economics and advanced general equilibrium theory. The suggested modification would make applied and policy-oriented economics intrinsically computational.

Suggested Citation

  • K.Vela Velupillai, 2014. "Constructive and Computable Hahn-Banach Theorems for the (Second) Fundamental Theorem of Welfare Economics," ASSRU Discussion Papers 1403, ASSRU - Algorithmic Social Science Research Unit.
    • Handle: RePEc:trn:utwpas:1403
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    References listed on IDEAS

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    1. Debreu, Gerard, 1984. "Economic Theory in the Mathematical Mode," American Economic Review, American Economic Association, vol. 74(3), pages 267-278, June.
    2. Starr,Ross M., 2011. "General Equilibrium Theory," Cambridge Books, Cambridge University Press, number 9780521533867, October.
    3. repec:bla:scandj:v:86:y:1984:i:4:p:393-410 is not listed on IDEAS
    4. Starr,Ross M., 2011. "General Equilibrium Theory," Cambridge Books, Cambridge University Press, number 9780521826457, October.
    5. Mark Blaug, 2007. "The Fundamental Theorems of Modern Welfare Economics, Historically Contemplated," History of Political Economy, Duke University Press, vol. 39(2), pages 185-207, Summer.
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    Cited by:

    1. K.Vela Velupillai, 2014. "Friedman's Characterization of the Natural Rate of Unemployment," ASSRU Discussion Papers 1411, ASSRU - Algorithmic Social Science Research Unit.

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    More about this item

    Keywords

    Fundamental Theorems of Welfare Economics; Hahn-Banach Theorem; Constructive Analysis; Computable Analysis;
    All these keywords.

    JEL classification:

    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis

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