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Restriction lift date:2022-03-04
Citation:Duddy, C. and Piggins, A. (2020) 'A foundation for Pareto optimality', Journal of Mathematical Economics, 88, pp. 25-30. doi: 10.1016/j.jmateco.2020.02.005
Can an axiomatic justification be given for the requirement that society picks all and only Pareto optimal alternatives at each profile of individual preferences? Using the framework of fixed-agenda social choice theory, we present a characterization of the Pareto optimal social choice correspondence. We introduce a new independence condition, P-independence. When combined with three natural assumptions, P-independence leads to the conclusion that the social choice set and the Pareto optimal set are the same.
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