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On the Difficulty of Combining Actual and Potential Criteria for an Increase in Social Welfare

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  • Gravel, Nicolas

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Department of Economics; Université de Sherbrooke, Département de sciences économiques)

Abstract

This paper examines a combination of a quasi-ordering on set of alternatives (interpreted as a criterion for an increase in actual social welfare) and an extension of this quasi-ordering to the power set of this set (interpreted as a criterion for an increase in potential social welfare). The main result of this paper is that, in order for such a combination to be transitive, it is necessary and sufficient that the subset to which it is applied is such that the extension encompasses the original criterion. When applied to the standard Pareto quasi-ordering and its extension defined by the Chipman-Moore (1971) - Samuelson (1950) quasi-ordering, and under standard assumptions on the economic domain, this result is shown to imply Gorman’s (1955) conjecture for the transitivity of the Compensation criterion à la Kaldor-Hicks-Scitovsky.

Suggested Citation

  • Gravel, Nicolas, 1994. "On the Difficulty of Combining Actual and Potential Criteria for an Increase in Social Welfare," LIDAM Discussion Papers IRES 1994009, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvir:1994009
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    Cited by:

    1. Marc Fleurbaey & Philippe Mongin, 2005. "The news of the death of welfare economics is greatly exaggerated," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 25(2), pages 381-418, December.
    2. Egbert Dierker & Hildegard Dierker & Birgit Grodal, 2006. "Are Incomplete Markets Able to Achieve Minimal Efficiency?," Studies in Economic Theory, in: Christian Schultz & Karl Vind (ed.), Institutions, Equilibria and Efficiency, chapter 7, pages 117-129, Springer.

    More about this item

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis

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