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A robust theory of resource allocation

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  • Chichilnisky, Graciela

Abstract

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 [17] that contractibility is necessary and sufficient for solving the social choice paradox; this condition is equivalent [11] 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.

Suggested Citation

  • Chichilnisky, Graciela, 1994. "A robust theory of resource allocation," MPRA Paper 8599, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:8599
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    References listed on IDEAS

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    1. Chichilnisky, Graciela, 1996. "Limited arbitrage is necessary and sufficient for the non-emptiness of the core," Economics Letters, Elsevier, vol. 52(2), pages 177-180, August.
    2. Graciela Chichilnisky, 1982. "Social Aggregation Rules and Continuity," The Quarterly Journal of Economics, Oxford University Press, vol. 97(2), pages 337-352.
    3. Chichilnisky, G., 1992. "Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium," Papers 93-14, Columbia - Graduate School of Business.
    4. Chichilnisky, Graciela, 1979. "On fixed point theorems and social choice paradoxes," Economics Letters, Elsevier, vol. 3(4), pages 347-351.
    5. Graciela Chichilnisky, 1980. "Continuous Representation of Preferences," Review of Economic Studies, Oxford University Press, vol. 47(5), pages 959-963.
    6. Chichilnisky, Graciela, 1986. "Topological complexity of manifolds of preferences," MPRA Paper 8119, University Library of Munich, Germany.
    7. Chichilnisky, Graciela & Heal, Geoffrey, 1983. "Necessary and sufficient conditions for a resolution of the social choice paradox," Journal of Economic Theory, Elsevier, vol. 31(1), pages 68-87, October.
    8. Chichilnisky, Graciela, 1980. "Social choice and the topology of spaces of preferences," MPRA Paper 8006, University Library of Munich, Germany.
    9. 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.
    10. 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.
    11. Chichilnisky, G., 1993. "Intersecting Families of Sets and the Topology of Cones in Economics," Papers 93-17, Columbia - Graduate School of Business.
    12. Chichilnisky, Graciela, 1994. "Social Diversity, Arbitrage, and Gains from Trade: A Unified Perspective on Resource Allocation," American Economic Review, American Economic Association, vol. 84(2), pages 427-434, May.
    13. Maurice Salles, 2005. "Social Choice," Post-Print halshs-00337075, HAL.
    14. Graciela Chichilnisky, 1985. "Von Neumann-Morgenstern Utilities and Cardinal Preferences," Mathematics of Operations Research, INFORMS, vol. 10(4), pages 633-641, November.
    15. Chichilnisky, Graciela, 1990. "Social choice and the closed convergence topology," MPRA Paper 8353, University Library of Munich, Germany.
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    Cited by:

    1. Lauwers, Luc, 2000. "Topological social choice," Mathematical Social Sciences, Elsevier, vol. 40(1), pages 1-39, July.

    More about this item

    Keywords

    social choice; resource allocation; monotonicity; preferences; Condorcet triples;

    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)

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