Exchange and optimality
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.
Volume (Year): 13 (1999)
Issue (Month): 3 ()
|Note:||Received: September 9, 1996; revised version: February 11, 1998|
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