First and second welfare theorem - intuition
In this video, I discuss the differences and similarities of the 1st and 2nd welfare theorems. In particular, I discuss with an example why the convexity assumption is necessary. I'm an award-winning teacher who has taught for leading institution including, LSE, University of Oxford, Sciences Po and Stanford University. If you are interested in private tutorials you can visit: https://www.axiomtutoring.com
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![(M8E12) [Microeconomics] First and Second Fundamental Theorem of Welfare Economics.](https://i.ytimg.com/vi/IrSgLJBqCSo/hqdefault.jpg?sqp=-oaymwE9CNACELwBSFryq4qpAy8IARUAAAAAGAElAADIQj0AgKJDeAHwAQH4AdQGgALgA4oCDAgAEAEYZSBQKEkwDw==&rs=AOn4CLAA3Cxzb_YQL-lBlf1fv74uI9KNVQ)
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(M8E12) [Microeconomics] First and Second Fundamental Theorem of Welfare Economics.
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