Characterizing the efficient points without closedness or free-disposability
Author
dc.contributor.author
Flores Bazán, Fabián
Author
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Laengle Scarlazetta, Sigifredo
es_CL
Author
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Loyola Fuentes, Gino
es_CL
Admission date
dc.date.accessioned
2014-01-23T15:25:44Z
Available date
dc.date.available
2014-01-23T15:25:44Z
Publication date
dc.date.issued
2013
Cita de ítem
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CEJOR (2013) 21:401–410
en_US
Identifier
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DOI 10.1007/s10100-011-0233-4
Identifier
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https://repositorio.uchile.cl/handle/2250/126262
General note
dc.description
Artículo de publicación ISI
en_US
Abstract
dc.description.abstract
Many multicriteria problems in economics and finance require that
efficient solutions be found. A recent contribution to production theory established
a characterization of efficient points under closedness and free-disposability
(Bonnisseau and Crettez in Econ Theory 31(2):213–223, 2007, Theorem 1). However,
as will be shown using a number of examples, these results cannot be applied to simple
and plausible production sets, nor can they be extended to other classic multicriteria
problems such as those arising in optimal portfolio theory and bargaining theory. To
address these limitations, a reformulation of the above theorem without closedness
or free-disposability is proposed. This enables efficient solutions for a wider range of
multicriteria problems to be identified.