Ordering Pareto-optima through majority voting (Q5939412): Difference between revisions

In order to decide between keeping of an initial allocation or shifting to the alternative allocation the selection procedures involve an element of randomness in order to reflect uncertainty about economic, social and political processes. It is shown that for every allocation \(\lambda\), there exists a number \(\zeta(\lambda)\in[0,1]\), such that, if the number of individuals tends to infinity, then the probability that a proportion of the population smaller (resp. larger) than \(\zeta(\lambda)\) prefers an allocation chosen by the selection procedure converges to 1 (resp. 0). The index \(\zeta (\lambda)\) yields a complete order in the set of Pareto optimal allocations. Illustration and interpretations of the selection procecures are provided.