Title

Exchange and Optimality

Document Type

Discussion Paper

Publication Date

9-1-1996

CFDP Number

1133

CFDP 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

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