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La coordination par le marché dans Social Choice and Individual Values : mérites normatifs ou mérites techniques ?

Author

Listed:
  • Irène Berthonnet

    (LADYSS - Laboratoire Dynamiques Sociales et Recomposition des Espaces - UP1 - Université Paris 1 Panthéon-Sorbonne - UP8 - Université Paris 8 Vincennes-Saint-Denis - UPN - Université Paris Nanterre - UPD7 - Université Paris Diderot - Paris 7 - CNRS - Centre National de la Recherche Scientifique)

  • Vincent Desreumaux

    (CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

Abstract

The paper tries to clarify the status of the market in Social Choice and Individual Values. It shows how Arrow at first intended to propose a third theorem of welfare economics (Feldman [1991]), which would show that the market achieves not only Pareto-optimality, but also equitable social allocations. The impossibility theorem proves this is impossible. Arrow's solution to impossibility is interpreted here as a further limitation of the market's objectives. At the end of the book, the market is presented as a technical mechanism that guarantees economic efficiency, if it doesn't take individual values into consideration.

Suggested Citation

  • Irène Berthonnet & Vincent Desreumaux, 2014. "La coordination par le marché dans Social Choice and Individual Values : mérites normatifs ou mérites techniques ?," Post-Print halshs-01744985, HAL.
    • Handle: RePEc:hal:journl:halshs-01744985
    DOI: 10.3917/cep.066.0095
    as

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