TADENUMA, KOICHI; XU, YONGSHENG - In: Hitotsubashi Journal of Economics 53 (2012) 1, pp. 107-120
In a non-welfaristic framework, Sen (1993) extends the first fundamental welfare theorem by demonstrating that the market mechanism also promotes individual freedom efficiently. This paper has a two-fold purpose. First, in order to investigate extensions of the first and the second welfare...