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WELFARE ECONOMICS. ARROW, KENNETH J. b.1921. "An Extension of the Basic Theorem of Classical Welfare Economics." In: Proceedings of the Second Berkeley Seminar on Mathematical Statistics and Probability, pp. 507-532. Berkeley and Los Angeles: University of California Press, 1951. image 1
WELFARE ECONOMICS. ARROW, KENNETH J. b.1921. "An Extension of the Basic Theorem of Classical Welfare Economics." In: Proceedings of the Second Berkeley Seminar on Mathematical Statistics and Probability, pp. 507-532. Berkeley and Los Angeles: University of California Press, 1951. image 2
WELFARE ECONOMICS. ARROW, KENNETH J. b.1921. "An Extension of the Basic Theorem of Classical Welfare Economics." In: Proceedings of the Second Berkeley Seminar on Mathematical Statistics and Probability, pp. 507-532. Berkeley and Los Angeles: University of California Press, 1951. image 3
WELFARE ECONOMICS. ARROW, KENNETH J. b.1921. "An Extension of the Basic Theorem of Classical Welfare Economics." In: Proceedings of the Second Berkeley Seminar on Mathematical Statistics and Probability, pp. 507-532. Berkeley and Los Angeles: University of California Press, 1951. image 4
Lot 151

WELFARE ECONOMICS.
ARROW, KENNETH J. b.1921.
"An Extension of the Basic Theorem of Classical Welfare Economics." In: Proceedings of the Second Berkeley Seminar on Mathematical Statistics and Probability, pp. 507-532. Berkeley and Los Angeles: University of California Press, 1951.

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WELFARE ECONOMICS.

ARROW, KENNETH J. b.1921. "An Extension of the Basic Theorem of Classical Welfare Economics." In: Proceedings of the Second Berkeley Seminar on Mathematical Statistics and Probability, pp. 507-532. Berkeley and Los Angeles: University of California Press, 1951.
8vo. xi, 666 pp (whole volume). Original cloth. Corners bumped, cloth rubbed, some light soiling to fore-edges.
Provenance: Ownership inscription of Kenneth J. Arrow to front fly-leaf; ink notation to margin on p 511, likely also in Arrow's hand; Jeremy Norman.

FIRST EDITION, THE AUTHOR'S OWN COPY OF HIS NOBEL PRIZE WINNING PAPER, the mathematical proofs for the first and second fundamental theorems of Welfare Economics. Welfare economics is a branch of microeconomics that examines the allocation of resources relative to the well-being of the participants in an economy. This was the first of an extraordinary series of three papers (the others being Debreu's "The coefficient of resource utilization" [1951] and Arrow and Debreu's "Existence of an equilibrium for a competitive economy" [1954]). In 1972 Arrow received the Nobel Prize in economics for "An extension of the basic theorem of classical welfare economics" and "Alternative approaches to the theory of choice in risk-taking situations" (1951), along with his work on the Arrow Impossibility Theorem ("A difficulty in the concept of social welfare" [1950], popularized in Social Choice and Individual Values [1951]) and the Arrow-Debreu model of general economic equilibrium (1954).

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