On the Definition of Economic Efficiency
AbstractThis paper analyzes the definition of economic efficiency. The standard definition used in economic literature is the Pareto Optimum which is based in the space of individual utilities. This paper proposes new definitions based on alternative spaces. The paper also introduces a dominance criterion for efficiency over a set of social evaluation spaces.
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Bibliographic InfoPaper provided by CIRPEE in its series Cahiers de recherche with number 0644.
Date of creation: 2006
Date of revision:
Efficiency; Social justice; Dominance;
Other versions of this item:
- D60 - Microeconomics - - Welfare Economics - - - General
- H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-12-09 (All new papers)
- NEP-HPE-2006-12-09 (History & Philosophy of Economics)
- NEP-PBE-2006-12-09 (Public Economics)
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- Marc Fleurbaey & Walter Bossert, 1996. "Redistribution and compensation (*)," Social Choice and Welfare, Springer, vol. 13(3), pages 343-355.
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