Questions tagged [welfare]

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The second welfare theorem without monotonicity

Are there non monotonic preferences that are strictly convex and continues but the second welfare theorem does not hold for them?
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Framing effects and the use of subjective wellbeing measures in behavioural

In my first foray into behavioural economics I have encountered two themes; - Self-reported subjective wellbeing (SWB) is commonly used as a measure of wellbeing. Survey based SWB measures are ...
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Do I understand the second welfare theorem correctly?

As far as I understand, the second welfare theorem says that all Pareto-optimal allocations can be reached by market equilibrium on free competitive markets. Yet it seems that this understanding is ...