Precedential cascades: An appraisal

Southern California Law Review

Volumn 73, Issue 1, 1999, Pages 87-

  Talley, Eric ^a  

^a NONE

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Indexed keywords

EID: 0042688979     PISSN: 00383910     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (6)

1. See generally GERARD DEBREU, THEORY OF VALUE (1959); J. R. HICKS, VALUE AND CAPITAL (1946). PAUL SAMUELSON, FOUNDATIONS OF ECONOMIC ANALYSIS (1947); Kenneth J. Arrow & Leonid Hurwicz, On the Stability of the Competitive Equilibrium, 26 ECONOMETRICA 522 (1958).
2. See generally GERARD DEBREU, THEORY OF VALUE (1959); J. R. HICKS, VALUE AND CAPITAL (1946). PAUL SAMUELSON, FOUNDATIONS OF ECONOMIC ANALYSIS (1947); Kenneth J. Arrow & Leonid Hurwicz, On the Stability of the Competitive Equilibrium, 26 ECONOMETRICA 522 (1958).
3. See generally GERARD DEBREU, THEORY OF VALUE (1959); J. R. HICKS, VALUE AND CAPITAL (1946). PAUL SAMUELSON, FOUNDATIONS OF ECONOMIC ANALYSIS (1947); Kenneth J. Arrow & Leonid Hurwicz, On the Stability of the Competitive Equilibrium, 26 ECONOMETRICA 522 (1958).
4. See generally GERARD DEBREU, THEORY OF VALUE (1959); J. R. HICKS, VALUE AND CAPITAL (1946). PAUL SAMUELSON, FOUNDATIONS OF ECONOMIC ANALYSIS (1947); Kenneth J. Arrow & Leonid Hurwicz, On the Stability of the Competitive Equilibrium, 26 ECONOMETRICA 522 (1958).
5. Although the basic intuitions were first established in ADAM SMITH, THE WEALTH OF NATIONS (1776), the general-equilibrium scholarship of the 1940s and 1950s was the first to formalize it precisely.
6. This proposition has come to be known as the First Theorem of Welfare Economics. It is closely related to the Second Theorem of Welfare Economics, which states (under certain conditions on preferences) that any Pareto efficient allocation can be supported by a competitive equilibrium with appropriate lump sum transfers. See HAL VARIAN, MICROECONOMIC ANALYSIS 200-25 (1984).