Exchange and Optimality
AbstractA feasible social state is irreducible if and only if, for any non-trivial partition of individuals with 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.
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Bibliographic InfoPaper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1133.
Length: 18 pages
Date of creation: Sep 1996
Date of revision:
Publication status: Published in Economic Theory (April 1999), 13(3): 629-642
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Other versions of this item:
- GHOSAL, Sayantan & POLEMARCHAKIS , Heracles, 1994. "Exchange and Optimality," CORE Discussion Papers 1994072, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- GHOSAL, Sayantan & POLEMARCHAKIS, Heracles M., . "Exchange and optimality," CORE Discussion Papers RP -1389, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D60 - Microeconomics - - Welfare Economics - - - General
- D62 - Microeconomics - - Welfare Economics - - - Externalities
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Elsevier, vol. 145(1), pages 331-353, January.
- Murty, Sushama, 2006. "Externalities and Fundamental Nonconvexities : A Reconciliation of Approaches to General Equilibrium Externality Modelling and Implications for Decentralization," The Warwick Economics Research Paper Series (TWERPS) 756, University of Warwick, Department of Economics.
- repec:hal:journl:halshs-00367867 is not listed on IDEAS
- repec:hal:wpaper:halshs-00531434 is not listed on IDEAS
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