CFDP 1133

Exchange and Optimality

Author(s): 

Publication Date: September 1996

Pages: 18

Abstract: 

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

Note: 

Published in Economic Theory (April 1999), 13(3): 629-642 [DOI]