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On the Definition of Economic Efficiency

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  • Paul Makdissi

Abstract

This 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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File URL: http://www.cirpee.org/fileadmin/documents/Cahiers_2006/CIRPEE06-44.pdf
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Bibliographic Info

Paper provided by CIRPEE in its series Cahiers de recherche with number 0644.

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Date of creation: 2006
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Handle: RePEc:lvl:lacicr:0644

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Keywords: Efficiency; Social justice; Dominance;

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  1. Bossert, W., 1993. "Redistribution Mechanisms Based on Individual Characteristics," Working Papers 9307, University of Waterloo, Department of Economics.
  2. Fleurbaey Marc, 1995. "Three Solutions for the Compensation Problem," Journal of Economic Theory, Elsevier, vol. 65(2), pages 505-521, April.
  3. Roemer, J.E., 1992. "A Pragmatic Theory of Responsibility for the Egalitarian Planner," Papers 391, California Davis - Institute of Governmental Affairs.
  4. Marc Fleurbaey & Walter Bossert, 1996. "Redistribution and compensation (*)," Social Choice and Welfare, Springer, vol. 13(3), pages 343-355.
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