Abstract: Abstract When altruistic agents engage in voluntary transfers as well as in Walrasian trading, a competitive equilibrium exists. However, neither the first nor the second classical welfare theorem holds. Thus, an equilibrium need not be Pareto efficient and an efficient outcome need not be supported as an equilibrium.
Publication Year: 1988
Publication Date: 1988-08-01
Language: en
Type: article
Indexed In: ['crossref']
Access and Citation
Cited By Count: 30
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