Question
(a) Describe three model assumptions or conditions that must be sat- isfied in order for the Second Welfare Theorem to hold. (b) Explain what it
(a) Describe three model assumptions or conditions that must be sat- isfied in order for the Second Welfare Theorem to hold.
(b) Explain what it means for preferences over lotteries to satisfy the independence axiom.
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Economics
Authors: John Sloman, Jon Guest, Dean Garratt
10th edition
1292187859, 9781292187907 , 978-1292187853
