Exchange and optimality
A feasible social state is irreducible if and only if, for any non-trivial partition of individuals into two groups, there exists another feasible social state at which every individual in the first group is equally well-off and someone strictly better-off. Competitive equilibria decentralize irreducible Pareto optimal social states.
Year of publication: |
1999-04-15
|
---|---|
Authors: | Ghosal, S. ; Polemarchakis, H. M. |
Published in: |
Economic Theory. - Springer. - Vol. 13.1999, 3, p. 629-642
|
Publisher: |
Springer |
Subject: | Social states Optimality | Exchange. |
Saved in:
freely available