Benefit function and individual preferences. A generalization of the zero-maximum principle
In this paper we show that given a utility threshold Luenberger’s benefit function correctly represents individual preferences as long as specific reference commodity bundles are considered. We further show a condition which is sufficient for reaching Pareto optimality that generalizes the zero-maximum principle proposed by Luenberger. Under our hypothesis, the social benefit could be positive, negative or zero, and not necessarily always zero.
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Volume (Year): 1 (2012)
Issue (Month): 1 ()
Pages: 12-20
| Handle: | RePEc:ove:journl:aid:9228 |
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