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Journal of Mathematical Economics
Volume 17, Issue 1, 1988, Pages 41-54
 
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doi:10.1016/0304-4068(88)90026-2    How to Cite or Link Using DOI (Opens New Window)
Copyright © 1988 Published by Elsevier Science B.V. All rights reserved.

The fundamental theorems of welfare economics without proper preferences*1

C. D. Aliprantis and O. Burkinshaw

IUPUI, Indianapolis, IN 66223, USA

Available online 1 March 2002.

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Abstract

We present versions of the fundamental theorems of welfare economics in a very general setting without assuming that the positive cone has a non-empty interior or that preferences are uniformly proper. We establish that an allocation in a production economy is weakly Pareto optimal if and only if it can be approximately price supported in the sense that consumers' expenditures are approximately minimized and producers' profits are approximately maximized.

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