pareto optimality of competitive equilibrium
1Pareto efficiency — Pareto efficiency, or Pareto optimality, is an important concept in economics with broad applications in game theory, engineering and the social sciences. The term is named after Vilfredo Pareto, an Italian economist who used the concept in his… …
2Vilfredo Pareto — Lausanne School Born 15 July 1848(1848 07 15) Died 19 August 1923(1923 08 …
3David Cass — For the British footballer, see David Cass (footballer). David Cass Born January 19, 1937(1937 01 19) Honululu, Hawai …
4Non-convexity (economics) — In economics, non convexity refers to violations of the convexity assumptions of elementary economics. Basic economics textbooks concentrate on consumers with convex preferences (that do not prefer extremes to in between values) and convex budget …
5Mathematical economics — Economics …
6Fundamental theorems of welfare economics — There are two fundamental theorems of welfare economics. The first states that any competitive equilibrium or Walrasian equilibrium leads to an efficient allocation of resources. The second states the converse, that any efficient allocation can… …
7Neoclassical economics — Economics …
8Convexity in economics — Economics …
9Kenneth Arrow — Infobox Scientist name = Kenneth J. Arrow caption = National Medal of Science award ceremony, 2004 image size = 180px birth date = Birth date and age|1921|8|23 birth place = New York City, New York, USA nationality = United States field =… …
10Welfare economics — Economics …
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