Exchange and optimality

S. Ghosal and H. M. Polemarchakis ()
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S. Ghosal: Department of Economics, Queen Mary and Westfield College, University of London, Mile End Road, London E1-4NS, UK
H. M. Polemarchakis: CORE, Université Catholique de Louvain, 34 voie du Roman Pays, B-1348 Louvain-la-Neuve, BELGIUM
Authors registered in the RePEc Author Service: Sourendra Nath Ghosal and Sayantan Ghosal

Economic Theory, 1999, vol. 13, issue 3, 629-642

Abstract: A feasible social state is irreducible if and only if, for any non-trivial partition of individuals into 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.

Keywords: Social; states; Optimality; ·; Exchange.; · (search for similar items in EconPapers)
Date: 1999-04-15
Note: Received: September 9, 1996; revised version: February 11, 1998
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Citations: View citations in EconPapers (6)

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Related works:
Working Paper: Exchange and optimality (1999)
Working Paper: Exchange and Optimality (1996)
Working Paper: Exchange and Optimality (1994)
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