Efficient sets are small

B-Tier
Journal: Journal of Mathematical Economics
Year: 2013
Volume: 49
Issue: 5
Pages: 367-374

Authors (2)

Beardon, Alan F. (not in RePEc) Rowat, Colin (University of Birmingham)

Score contribution per author:

1.005 = (α=2.01 / 2 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

We introduce efficient sets, a class of sets in Rp in which, in each set, no element is greater in all dimensions than any other. Neither differentiability nor continuity is required of such sets, which include: level sets of utility functions, quasi-indifference classes associated with a preference relation not given by a utility function, mean–variance frontiers, production possibility frontiers, and Pareto efficient sets. By Lebesgue’s density theorem, efficient sets have p-dimensional measure zero. As Lebesgue measure provides an imprecise description of small sets, we then prove the stronger result that each efficient set in Rp has Hausdorff dimension at most p−1. This may exceed its topological dimension, with the two notions becoming equivalent for smooth sets. We apply these results to stable sets in multi-good pillage games: for n agents and m goods, stable sets have dimension at most m(n−1)−1. This implies, and is much stronger than, the result that stable sets have m(n−1)-dimensional measure zero, as conjectured by Jordan.

Technical Details

RePEc Handle
repec:eee:mateco:v:49:y:2013:i:5:p:367-374
Journal Field
Theory
Author Count
2
Added to Database
2026-01-29