Static vector optimization in welfare economics
Sardar M. N. Islam, B. D. Craven · Journal of Multi-Criteria Decision Analysis · 2003
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. Copyright © 2005 John Wiley & Sons, Ltd.