Remarks on the first welfare theorem with nonordered preferences
type: Item
instance of: scholarly article
title: Remarks on the first welfare theorem with nonordered preferences
zbMATH Open document ID: 0598.90010
DOI: 10.1016/0022-0531(85)90084-5
author: John A. Weymark
published in: Journal of Economic Theory
publication date: 1985-01-01T00:00:00Z
review text: A strong convexity assumption is used to establish the first fundamental theorem of welfare economics using the strong definition of Pareto optimality without assuming that the weak preference relations are complete or transitive. An example demonstrates that Debreu's nonsatiation and convexity assumptions [see \textit{G. Debreu}, Proc. Nat. Acad. Sci. USA 40, 588-592 (1954; Zbl 0055.380)] are insufficient to establish the result in the absence of transitivity.
Mathematics Subject Classification ID: 91B14
zbMATH DE Number: 3965763
zbMATH Keywords: first welfare theorem
zbMATH Keywords: nonordered preferences
zbMATH Keywords: strong convexity assumption
zbMATH Keywords: Pareto optimality
MaRDI profile type: Publication
full work available at URL: 0022-0531(85)90084-5
OpenAlex ID: W2083462851
cites work: VALUATION EQUILIBRIUM AND PARETO OPTIMUM
cites work: Q5588318
cites work: Classical welfare theorems with non-transitive and non-complete preferences
cites work: Q4156067
cites work: On the second optimality theorem of welfare economics
description: scientific article; zbMATH DE number 3965763