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
Recommended Citation
Ghosal, S. and Polemarchakis, Heracles M., "Exchange and Optimality" (1996). Cowles Foundation Discussion Papers. 1381.
https://elischolar.library.yale.edu/cowles-discussion-paper-series/1381