Pareto principle and competing principles

Description

"The Pareto principle, the seemingly incontrovertible dictum that if all individuals prefer some regime to another then so should society, may conflict with competing principles. Arrow's impossibility theorem and Sen's liberal paradox are two notable examples. Subsequent work indicates more broadly that the Pareto principle conflicts with all nonwelfarist principles. This essay surveys these results, including various extensions thereof, and offers perspectives on the conflict, drawing on classical and contemporary work in political economy and economicpsychology"--John M. Olin Center for Law, Economics, and Business web site.

Subjects

Series Statement

• Discussion paper -- no. 519
• Discussion paper (John M. Olin Center for Law, Economics, and Business : Online) -- no. 519.

Links

• http://www.law.harvard.edu/programs/olin_center/papers/519_Kaplow.php
• URL