Overview: Covers many of the main topics of welfare economics, inclulding general equilibrium models of exchange and production, Pareto optimality, uncertainty, externalities and public goods.Some of the main tThis book covers the main topics of welfare economics — general equilibrium models of exchange and production, Pareto optimality, un certainty, externalities and public goods — and some of the major topics of social choice theory — compensation criteria, fairness, voting. Arrow‘s Theorem, and the theory of implementation. The underlying question is this: "Is a particular economic or vot
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