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Exchange and optimality

Author

Listed:
  • GHOSAL, Sayantan
  • POLEMARCHAKIS, Heracles M.

Abstract

A social state is irreducible if, and only if for any non-trivial partition of individuals with 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.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • GHOSAL, Sayantan & POLEMARCHAKIS, Heracles M., 1999. "Exchange and optimality," LIDAM Reprints CORE 1389, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:1389
    DOI: 10.1007/s001990050273
    Note: In : Economic Theory, 13, 629-642, 1999
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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

    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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