WELFARE ECONOMICS Unit 1: Partial Equilibrium and General Equilibrium Analysis · Pareto Optimality and Competitive Equilibria · Partial Equilibrium Competitive Analysis · The Fundamental Welfare Theorems in a Partial Equilibrium Context · Pure Exchange: Edgeworth Box · One consumer one producer Economy, 2x2 Production Model · General versus Partial Equilibrium Theory · Pareto Optimality with Social Optima · Existence of Walrasian Equilibrium · Core and Equilibria in Competitive Economies Unit 2: Social Choice & Welfare · The Nature of the Problem · Social Preference Relation · Social Choice and Arrows Impossibility Theorem · Measurability, Comparability of Social Welfare Function – · Rawlsian Social Welfare Functions, Utilitarian Social Welfare Function Unit 3: Market Failure · Public Goods · Private Provision of Public Goods · Comparision with Private Goods · Free Rider Problem · Demand Revelation · A Simple Bilateral Externalities · Multilateral Externalities · Coase Theorem · Private Information and Second Best Solutions
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