This paper examines the logical performance of new welfare economics from the viewpoint of social choice theory.We show that the logical completeness of its research program hinges squarely on the possibility that, for each Paretian Bergson-Samuelson social welfare ordering R, the social choice set from any opportunity set can be recovered by finding the maximal set for each and every partial preference relation that is both a sub-relation of R and an extension of the Pareto quasiordering, and taking the intersection of these maximal sets. A neccessary and sufficient condition for this recoverability property is identified.
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Paper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number
a341.
Find related papers by JEL classification: B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
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