Titlebook: Welfare Economics and Social Choice Theory; Allan M. Feldman Book 19801st edition Springer Science+Business Media Dordrecht 1980 Welfare.W

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Externalities,utility functions, and (2) firms’ production set are unaffected by other firms’ production decisions. In many actual cases these assumptions break down. When person .’s utility depends on what person . consumes, or when .’s technological production possibilities depend on what firm . does, there is

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Compensation Criteria, basics, the two fundamental theorems of welfare economics. The First Fundamental Theorem says, roughly, that the market mechanism leads to a Pareto optimum, barring externality or public goods complications. The Second Fundamental Theorem says, roughly, that any Pareto optimum can be reached via an

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Majority Voting,n Chapter 8 we saw that the criterion of fairness is in certain ways inconsistent with other utility-based criteria, and the Rawls criterion has several objectionable properties. Therefore, we are still faced with these questions: When is alternative . socially preferable to alternative .? How can t

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Epilogue,. They offer partial answers to questions like these: Does a competitive economic system produce good results? Is there a necessary connection between market competition and optimality? Are there criteria for judging among distributions of goods, or wealth, other then market criteria? For example, i

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Book 19801st editionpublic goods - and some of the major topic of social choice the- ory - compensation criteria, fairness, voting, Arrow‘s Theorem, and stra- tegic behavior. The underlying question is this: "Is a particular economic or voting mechanism good or bad for society?" Welfare economics is mainly about whethe