The Fundamental Theorems of Welfare Economics in a Non-Welfaristic Approach∗

mura and Yves Sprumont for helpful comments. This paper investigates extensions of the two fundamental theorems of wel-fare economics to the framework in which each agent is endowed with three types of preference relations: an allocation preference relation, an oppor-tunity preference relation, and an overall preference relation. It is shown that, under certain conditions, the two theorems can be extended. It is also pointed out that the conditions underlying the positive results are restrictive. JEL Classification Numbers: D63, D71