Static Vector Optimisation in Welfare Economics
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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
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
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| Additional Information | Article first published online: 21 FEB 2005 |
| Item type | Article |
| URI | https://vuir.vu.edu.au/id/eprint/2790 |
| DOI | 10.1002/mcda.363 |
| Official URL | http://onlinelibrary.wiley.com/doi/10.1002/mcda.36... |
| Subjects | Historical > Faculty/School/Research Centre/Department > Centre for Strategic Economic Studies (CSES) Historical > FOR Classification > 1401 Economic Theory |
| Keywords | ResPubID9555; social choice, optimal welfare, vector optimization, invex, quasimax |
| Citations in Scopus | 0 - View on Scopus |
| Download/View statistics | View download statistics for this item |
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