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On the Definition of Economic Efficiency

Author

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  • Paul Makdissi

    () (GREDI, Département d'économique, Université de Sherbrooke)

Abstract

This paper analyzes the definition of economic efficiency. The standard definition used in economic literature is the Pareto Optimum which is based in the space of individual utilities. This paper proposes new definitions based on alternative spaces. The paper also introduces a dominance criterion for efficiency over a set of social evaluation spaces.

Suggested Citation

  • Paul Makdissi, 2006. "On the Definition of Economic Efficiency," Cahiers de recherche 06-24, Departement d'Economique de l'École de gestion à l'Université de Sherbrooke.
  • Handle: RePEc:shr:wpaper:06-24
    as

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    File URL: http://gredi.recherche.usherbrooke.ca/wpapers/GREDI-0624.pdf
    File Function: First version, 2006
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    References listed on IDEAS

    as
    1. Bossert W., 1996. "Redistribution mechanisms based on individual characteristics," Mathematical Social Sciences, Elsevier, vol. 31(1), pages 51-51, February.
    2. Roemer, J.E., 1992. "A Pragmatic Theory of Responsibility for the Egalitarian Planner," Papers 391, California Davis - Institute of Governmental Affairs.
    3. Marc Fleurbaey & Walter Bossert, 1996. "Redistribution and compensation (*)," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 13(3), pages 343-355.
    4. Fleurbaey Marc, 1995. "Three Solutions for the Compensation Problem," Journal of Economic Theory, Elsevier, vol. 65(2), pages 505-521, April.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Efficiency; Social justice; Dominance.;

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General

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