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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.
|Glasgow Author(s) Enlighten ID:||Ghosal, Professor Sayantan|
|Authors:||Ghosal, S., and Polemarchakis, H.M.|
|College/School:||College of Social Sciences > Adam Smith Business School > Economics|
|Journal Name:||Economic Theory|