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Pareto's compensation principle

Author

Listed:
  • Murray C. Kemp

    () (School of Economics, The University of New South Wales, Sydney 2052, NSW, Australia)

  • Paul Pezanis-Christou

    () (School of Economics, The University of New South Wales, Sydney 2052, NSW, Australia)

Abstract

Pareto is sometimes credited with an early formulation of the ill-fated Hicks or Kaldor principles of hypothetical compensation. The basis for this claim is Pareto's 1894 article "Il massimo di utilitÁ dato dalla libera concorrenza." However in that paper Pareto argued to the contrary, that in the formulation of economic policy compensation should be a consideration only if it is carried out. Our purpose is to document this claim.

Suggested Citation

  • Murray C. Kemp & Paul Pezanis-Christou, 1999. "Pareto's compensation principle," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 16(3), pages 441-444.
  • Handle: RePEc:spr:sochwe:v:16:y:1999:i:3:p:441-444
    Note: Received: 2 October 1997/Accepted: 16 March 1998
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    Cited by:

    1. Koichi Hamada & Shyam Sunder, 2005. "Information Asymmetry and the Problem of Transfers in Trade Negotiations and International Agencies," Working Papers 910, Economic Growth Center, Yale University.
    2. John Chipman, 2006. "Pareto and contemporary economic theory," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 53(4), pages 451-475, December.

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