“Fundamental Theorems of Welfare Economics”的概念、定义、翻译、参考文献-科学参考

Fundamental Theorems of Welfare Economics

Economics

The two theorems that describe the efficiency properties of a competitive equilibrium. The First Fundamental Theorem of Welfare Economics states that (in the absence of any market failure) a competitive equilibrium is Pareto efficient. The Second Fundamental Theorem of Welfare Economics states that if every consumer has convex preferences and every firm has a convex production set then any Pareto-efficient allocation can be decentralized as a competitive equilibrium.

单词	Fundamental Theorems of Welfare Economics
释义	Fundamental Theorems of Welfare Economics Economics The two theorems that describe the efficiency properties of a competitive equilibrium. The First Fundamental Theorem of Welfare Economics states that (in the absence of any market failure) a competitive equilibrium is Pareto efficient. The Second Fundamental Theorem of Welfare Economics states that if every consumer has convex preferences and every firm has a convex production set then any Pareto-efficient allocation can be decentralized as a competitive equilibrium.
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