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Exchange and optimality

Author

Listed:
  • S. Ghosal

    (Department of Economics, Queen Mary and Westfield College, University of London, Mile End Road, London E1-4NS, UK)

  • H. M. Polemarchakis

    (CORE, Université Catholique de Louvain, 34 voie du Roman Pays, B-1348 Louvain-la-Neuve, BELGIUM)

Abstract

A feasible social state is irreducible if and only if, for any non-trivial partition of individuals into two groups, there exists another feasible social state at which every individual in the first group is equally well-off and someone strictly better-off. Competitive equilibria decentralize irreducible Pareto optimal social states.

Suggested Citation

  • S. Ghosal & H. M. Polemarchakis, 1999. "Exchange and optimality," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 13(3), pages 629-642.
    • Handle: RePEc:spr:joecth:v:13:y:1999:i:3:p:629-642
    Note: Received: September 9, 1996; revised version: February 11, 1998
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    Cited by:

    1. Sayantan Ghosal & Lukasz Woźny, 2024. "Lindahl meets Condorcet?," Working Papers 2024_08, Business School - Economics, University of Glasgow.
    2. Monique Florenzano, 2009. "Walras-Lindahl-Wicksell: What equilibrium concept for public goods provision," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00531434, HAL.
    3. Murty, Sushama, 2010. "Externalities and fundamental nonconvexities: A reconciliation of approaches to general equilibrium externality modeling and implications for decentralization," Journal of Economic Theory, Elsevier, vol. 145(1), pages 331-353, January.
    4. Monique Florenzano, 2009. "Walras-Lindahl-Wicksell: What equilibrium concept for public goods provision ? I - The convex case," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00367867, HAL.

    More about this item

    Keywords

    ;

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D60 - Microeconomics - - Welfare Economics - - - General
    • D62 - Microeconomics - - Welfare Economics - - - Externalities

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