Time: 3:00 pm - 4:30 pm, Dec. 18th, 2025
Speaker: Robert Anderson (University of California, Berkeley)
Venue: Zhifuxuan Classroom, Langrun Garden, Peking University
Abstract:
The first and second welfare theorems hold in the absence of externalities. We extend the classical Arrow-Debreu model by allowing for interdependent consumption sets and externalities affecting production technologies. We show that the first welfare theorem fails in the presence of either interdependent consumption or interdependent production. In contrast, we show that the second welfare theorem is true.
Speaker：
Robert Anderson is currently the Director of the UC Berkeley Center for Risk Management Research, and Professor Emeritus of Economics and Mathematics at the UC Berkeley. He also serves as International Eminent Research Professor at Korea University Business School and Chair Professor at the Institute of Mathematical Sciences, Harbin Institute of Technology. Professor Anderson served as Chair of the University of California Academic Senate in 2011 and previously held the position of Chair of the Department of Economics at UC Berkeley on two occasions. He is a recipient of the Alfred P. Sloan Fellowship, a Fellow of the Econometric Society, and a Fellow of the Society for the Advancement of Economic Theory (SAET). His research interests lie primarily in mathematical economics, general equilibrium theory, and financial economics. Professor Anderson has published more than ten articles in the top five economics journals, including nine papers in Econometrica.