A robust theory of resource allocation
The theory of social choice introduced in [5,6] is robust; it is completely independent of the choice of topology on spaces of preference. This theory has been fruitful in linking diverse forms of resource allocation; it has been shown  that contractibility is necessary and sufficient for solving the social choice paradox; this condition is equivalent  to another- limited arbitrage- which is necessary and sufficient for the existence of a competitive equilibrium and the core of an economy [13, 14, 15, 16, 17]. The space of monotone preferences is contractible; as shown already in [6, 17] such that spaces admit social choice rules. However, monotone preferences are of little interest in social choice theory becasue the essence of the social choice problem, such as Condorcet triples, rules out monotonicity.
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Volume (Year): 13 (1996)
Issue (Month): 1 (January)
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- Beth Allen, 1996. "A remark on a social choice problem," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 13(1), pages 11-16, January.
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8495, University Library of Munich, Germany, revised 20 Oct 1981.
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- Chichilnisky, Graciela, 1997. "Limited arbitrage is necessary and sufficient for the existence of an equilibrium," Journal of Mathematical Economics, Elsevier, vol. 28(4), pages 470-479, November.
- Chichilnisky, Graciela, 1985. "Von Neuman- Morgenstern utilities and cardinal preferences," MPRA Paper 8090, University Library of Munich, Germany.
- Chichilnisky, G., 1992. "Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium," Papers 93-14, Columbia - Graduate School of Business.
- Graciela Chichilnisky, 1982. "Social Aggregation Rules and Continuity," The Quarterly Journal of Economics, Oxford University Press, vol. 97(2), pages 337-352.
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