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Implications of Pareto Efficiency for two-agent (household) choice

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  • Echenique, Federico
  • Ivanov, Lozan

Abstract

Abstract We study when two-member household choice behavior is compatible with Pareto optimality. We ask when an external observer of household choices, who does not know the individuals' preferences, can rationalize the choices as being Pareto-optimal. Our main contribution is to reduce the problem of rationalization to a graph-coloring problem. As a result, we obtain simple tests for Pareto optimal choice behavior. In addition to the tests, and using our graph-theoretic representation, we show that Pareto rationalization is equivalent to a system of quadratic equations being solvable.

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Bibliographic Info

Paper provided by California Institute of Technology, Division of the Humanities and Social Sciences in its series Working Papers with number 1308.

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Length: 17 pages
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Handle: RePEc:clt:sswopa:1308

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References

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  1. Sprumont, Yves, 2001. "Paretian Quasi-orders: The Regular Two-Agent Case," Journal of Economic Theory, Elsevier, vol. 101(2), pages 437-456, December.
  2. Moulin,Hervi, 1991. "Axioms of Cooperative Decision Making," Cambridge Books, Cambridge University Press, number 9780521424585, April.
  3. Sprumont, Yves, 2000. "On the Testable Implications of Collective Choice Theories," Journal of Economic Theory, Elsevier, vol. 93(2), pages 205-232, August.
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Cited by:
  1. Thomas DEMUYNCK, 2011. "The computational complexity of rationalizing Pareto optimal choice behavior," Center for Economic Studies - Discussion papers ces11.13, Katholieke Universiteit Leuven, Centrum voor Economische Studiƫn.
  2. Lee, SangMok, 2012. "The testable implications of zero-sum games," Journal of Mathematical Economics, Elsevier, vol. 48(1), pages 39-46.

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