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On the Volume-Ranking of Opportunity Sets in Economic Environments

Author

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  • Ernesto Savaglio

    ()

  • Stefano Vannucci

    ()

Abstract

The domain of polyconvex sets, i.e. finite unions of convex, compact, Euclidean sets, is large enough to encompass most of the opportunity sets typically encountered in economic environments, including non-linear or even non-convex budget sets, and opportunity sets arising from production sets. We provide a characterization of the volume-ranking as defined on the set of all polyconvex sets, relying on a valuation-based volume-characterization theorem due to Klain and Rota (1997).

Suggested Citation

  • Ernesto Savaglio & Stefano Vannucci, 2006. "On the Volume-Ranking of Opportunity Sets in Economic Environments," Department of Economics University of Siena 479, Department of Economics, University of Siena.
  • Handle: RePEc:usi:wpaper:479
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    Keywords

    Opportunity sets; valuation; volume total preordering;

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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