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Static Vector Optimisation in Welfare Economics

Islam, Sardar M. N and Craven, Bruce Desmond (2003) Static Vector Optimisation in Welfare Economics. Journal of Multi-Criteria Decision Analysis, 12 (4-5). pp. 273-284. ISSN 1057-9214

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Abstract

This paper presents a vector optimization approach to social choice in the form of the determination of social welfare optimum. While such applications of vector optimization are well developed within the economics literature, this paper shows that some useful extensions are possible. These extensions involve the adoption of some theory and concepts developed in modern mathematics including weak Pareto optimality, quasimax, weak quasimax, locally proper weak quasimax, and invexity. These extensions make the choice of social welfare optimum less restrictive

Item Type: Article
Additional Information:

Article first published online: 21 FEB 2005

Uncontrolled Keywords: ResPubID9555; social choice, optimal welfare, vector optimization, invex, quasimax
Subjects: Faculty/School/Research Centre/Department > Centre for Strategic Economic Studies (CSES)
FOR Classification > 1401 Economic Theory
Depositing User: VUIR
Date Deposited: 20 Mar 2012 04:14
Last Modified: 04 Mar 2015 06:38
URI: http://vuir.vu.edu.au/id/eprint/2790
DOI: 10.1002/mcda.363
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