GHOSAL, Sayantan; POLEMARCHAKIS, Heracles - Center for Operations Research and Econometrics (CORE), … - 1994
A 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...