Efficient Nash equilibria, individual rights and Pareto principle: an impossibility result
This paper shows an impossibility result similar to the liberal paradox concerning two games, each of one with an efficient Nash equilibrium. We show that our result holds also in dictatorial games.
Volume (Year): 30 (2010)
Issue (Month): 1 ()
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- Pattanaik, Prasanta K & Suzumura, Kotaro, 1996.
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- Fine, Ben, 1975. "Individual Liberalism in a Paretian Society," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1277-81, December.
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- Deb, Rajat & Pattanaik, Prasanta K. & Razzolini, Laura, 1997. "Game Forms, Rights, and the Efficiency of Social Outcomes," Journal of Economic Theory, Elsevier, vol. 72(1), pages 74-95, January.
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