Yan-An Hwang () (Department of Applied Mathematics, National Dong Hwa University) Chun-Hsien Yeh () (Department of Economics, National Central University)
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We consider the problem of selecting a subset of a feasible set over which each agent has a strict preference. We propose an invariance property, converse reduction-consistency, which is the converse of reduction-consistency introduced by Yeh (2006), and study its implications. Our results are two characterizations of the Pareto rule: (1) it is the only rule satisfying efficiency and converse reduction-consistency and (2) it is the only rule satisfying one-agent efficiency, converse reduction-consistency, and reduction-consistency.
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Article provided by Economics Bulletin in its journal Economics Bulletin.
Find related papers by JEL classification: D7 - Microeconomics - - Analysis of Collective Decision-Making C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory