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Efficient Pareto-improving Processes

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  • Kwan Koo Yun

Abstract

We give two procedures for determining whether efficient Pareto improving local changes are possible. When they are, the procedures compute for them. Any procedure generating efficient and Pareto improving changes can be replicated by these procedures. The two programs form a striking duality. We apply the procedures to Pareto improving exchange processes, Pareto-improving tariff-tax reforms and to the problem of constrained Pareto optimum where informational constraints are present.

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File URL: http://repec.org/esFEAM04/up.863.1082215000.pdf
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Bibliographic Info

Paper provided by Econometric Society in its series Econometric Society 2004 Far Eastern Meetings with number 784.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:feam04:784

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Keywords: Pareto improvement; constrained Pareto optimum;

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  1. Sanford Grossman & Oliver Hart, . "An Analysis of the Principal-Agent Problem," Rodney L. White Center for Financial Research Working Papers 15-80, Wharton School Rodney L. White Center for Financial Research.
  2. Yun, Kwan Koo, 1995. "Structure of Distortion Equilibria and Welfare in a Multiregional Economy," Economic Theory, Springer, vol. 5(3), pages 491-512, May.
  3. Rogerson, William P, 1985. "The First-Order Approach to Principal-Agent Problems," Econometrica, Econometric Society, vol. 53(6), pages 1357-67, November.
  4. Guesnerie Roger, 1976. "On the direction of tax reform," CEPREMAP Working Papers (Couverture Orange) 7603, CEPREMAP.
  5. Tirole, J. & Guesnerie, R., 1981. "Tax reform from the gradient projection viewpoint," Journal of Public Economics, Elsevier, vol. 15(3), pages 275-293, June.
  6. d'Aspremont, Claude & Tulkens, Henry, 1980. "Commodity Exchanges as Gradient Processes," Econometrica, Econometric Society, vol. 48(2), pages 387-99, March.
  7. Yun, Kwan Koo, 1995. "The Dubovickii-Miljutin Lemma and characterizations of optimal allocations in non-smooth economies," Journal of Mathematical Economics, Elsevier, vol. 24(5), pages 435-460.
  8. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
  9. Dixit, Avinash, 1987. "On Pareto-improving redistributions of aggregate economic gains," Journal of Economic Theory, Elsevier, vol. 41(1), pages 133-153, February.
  10. Tulkens, Henry & Zamir, Shmuel, 1979. "Surplus-sharing Local Games in Dynamic Exchange Processes," Review of Economic Studies, Wiley Blackwell, vol. 46(2), pages 305-13, April.
  11. Turunen-Red, Arja H & Woodland, Alan D, 1991. "Strict Pareto-Improving Multilateral Reforms of Tariffs," Econometrica, Econometric Society, vol. 59(4), pages 1127-52, July.
  12. Guesnerie, Roger, 1975. "Pareto Optimality in Non-Convex Economies," Econometrica, Econometric Society, vol. 43(1), pages 1-29, January.
  13. WEYMARK, John A., . "Undominated directions of tax reform," CORE Discussion Papers RP -460, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  14. Cornet, B., 1986. "The second welfare theorem in nonconvex economies," CORE Discussion Papers 1986030, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  15. Jewitt, Ian, 1988. "Justifying the First-Order Approach to Principal-Agent Problems," Econometrica, Econometric Society, vol. 56(5), pages 1177-90, September.
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