Students need to study:
- Pareto Optimality
- Optimum Exchange Conditions
- The Production Optimum
- The Consumption Optimum
- Concept of Contract Curve
- Top Level Optimum
- Infinite Number of Non-comparable Optima vs Unique Social Optimum
- Compensation Criteria
- Contributions of Barone, Kaldor and Hicks
- The Scitovsky Double Criterion
- Concept of Community Indifference Map
- Samuelson's Utility Possibility Curve
- Value Judgments and Welfare Economics
- Bergson's Social Welfare Function
- Arrow's Impossibility Theorem
- Welfare and General Equilibrium
- Pareto-Optimality and Market Equilibrium
