Exchange and Optimality
A feasible 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.
|Date of creation:||Sep 1996|
|Publication status:||Published in Economic Theory (April 1999), 13(3): 629-642|
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