Different forms of resource allocation-by markets, cooperative games, and by social choice are unified by one condition, limited arbitrage, which is defined on the endowments and the preferences of the traders of an Arrow Debreu economy. Limited arbitrage is necessary and sufficient for the...

The paper establishes a clear connection between equilibrium theory and social choice theory by showing that, for a well defined social choice problem, the conditions which are necessary and sufficient to solve this problem are the same as the conditions which are necessary and sufficient to...

New physical constraints emerged in the 20th century and are changing the decision criteria used until now. Two optimisation problems are equivalent: (1) maximising discounted utility with a long-run survival constraint and (2) maximising a new type of utility that treats the present and future...