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32 relations: Abba P. Lerner, Adam Smith, Arrow's impossibility theorem, Closure (mathematics), Competitive equilibrium, Complete market, Continuous function, Convex preferences, Convex set, Envy-freeness, Gérard Debreu, General equilibrium theory, Harold Hotelling, Hyperplane separation theorem, Invisible hand, Kenneth Arrow, Lionel W. McKenzie, Local nonsatiation, Lump sum, Market (economics), Market power, Maurice Allais, Oskar R. Lange, Overlapping generations model, Pareto efficiency, Pareto-efficient envy-free division, Perfect information, Social choice theory, Theorem, Transaction cost, Tychonoff's theorem, Welfare economics.
Abba P. Lerner
Abraham (Abba) Ptachya Lerner (also Abba Psachia Lerner; 28 October 1903 – 27 October 1982) was a Russian-born British economist.
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Adam Smith
Adam Smith (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment era.
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Arrow's impossibility theorem
In social choice theory, Arrow's impossibility theorem, the general possibility theorem or Arrow's paradox is an impossibility theorem stating that when voters have three or more distinct alternatives (options), no ranked voting electoral system can convert the ranked preferences of individuals into a community-wide (complete and transitive) ranking while also meeting a specified set of criteria: unrestricted domain, non-dictatorship, Pareto efficiency and independence of irrelevant alternatives.
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Closure (mathematics)
A set has closure under an operation if performance of that operation on members of the set always produces a member of the same set; in this case we also say that the set is closed under the operation.
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Competitive equilibrium
Competitive equilibrium (also called: Walrasian equilibrium) is the traditional concept of economic equilibrium, appropriate for the analysis of commodity markets with flexible prices and many traders, and serving as the benchmark of efficiency in economic analysis.
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Complete market
In economics, a complete market (aka Arrow-Debreu market or complete system of markets) is a market with two conditions.
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Continuous function
In mathematics, a continuous function is a function for which sufficiently small changes in the input result in arbitrarily small changes in the output.
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Convex preferences
In economics, convex preferences are an individual's ordering of various outcomes, typically with regard to the amounts of various goods consumed, with the property that, roughly speaking, "averages are better than the extremes".
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Convex set
In convex geometry, a convex set is a subset of an affine space that is closed under convex combinations.
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Envy-freeness
Envy-freeness (EF) is a criterion of fair division.
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Gérard Debreu
Gérard Debreu (4 July 1921 – 31 December 2004) was a French-born American economist and mathematician.
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General equilibrium theory
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium.
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Harold Hotelling
Harold Hotelling (September 29, 1895 – December 26, 1973) was a mathematical statistician and an influential economic theorist, known for Hotelling's law, Hotelling's lemma, and Hotelling's rule in economics, as well as Hotelling's T-squared distribution in statistics.
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Hyperplane separation theorem
In geometry, the hyperplane separation theorem is a theorem about disjoint convex sets in n-dimensional Euclidean space.
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Invisible hand
The invisible hand is a term used by Adam Smith to describe the unintended social benefits of an individual's self-interested actions.
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Kenneth Arrow
Kenneth Joseph "Ken" Arrow (23 August 1921 – 21 February 2017) was an American economist, mathematician, writer, and political theorist.
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Lionel W. McKenzie
Lionel Wilfred McKenzie (January 26, 1919 – October 12, 2010) was the Wilson Professor Emeritus of Economics at the University of Rochester.
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Local nonsatiation
The property of local nonsatiation of consumer preferences states that for any bundle of goods there is always another bundle of goods arbitrarily close that is preferred to it.
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Lump sum
A lump sum is a single payment of money, as opposed to a series of payments made over time (such as an annuity).
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Market (economics)
A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.
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Market power
In economics and particularly in industrial organization, market power is the ability of a firm to profitably raise the market price of a good or service over marginal cost.
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Maurice Allais
Maurice Félix Charles Allais (31 May 19119 October 2010) was a French physicist and economist, the 1988 winner of the Nobel Memorial Prize in Economic Sciences "for his pioneering contributions to the theory of markets and efficient utilization of resources", for Maurice Allais contribution, along with John Hicks (Value and Capital, 1939) and Paul Samuelson (The Foundations of Economic Analysis, 1947), to neoclassical synthesis.
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Oskar R. Lange
Oskar Ryszard Lange (27 July 1904 – 2 October 1965) was a Polish economist and diplomat.
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Overlapping generations model
An overlapping generations model, abbreviated to OLG model, is a type of representative agent economic model in which agents live a finite length of time long enough to overlap with at least one period of another agent's life.
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Pareto efficiency
Pareto efficiency or Pareto optimality is a state of allocation of resources from which it is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off.
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Pareto-efficient envy-free division
Efficiency and fairness are two major goals of welfare economics.
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Perfect information
In economics, perfect information is a feature of perfect competition.
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Social choice theory
Social choice theory or social choice is a theoretical framework for analysis of combining individual opinions, preferences, interests, or welfares to reach a collective decision or social welfare in some sense.
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Theorem
In mathematics, a theorem is a statement that has been proven on the basis of previously established statements, such as other theorems, and generally accepted statements, such as axioms.
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Transaction cost
In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market.
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Tychonoff's theorem
In mathematics, Tychonoff's theorem states that the product of any collection of compact topological spaces is compact with respect to the product topology.
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Welfare economics
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level.
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Redirects here:
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References
[1] https://en.wikipedia.org/wiki/Fundamental_theorems_of_welfare_economics
