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https://doi.org/10.31235/osf.i...
Article . 2021 . Peer-reviewed
License: CC BY
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SSRN Electronic Journal
Article . 2021 . Peer-reviewed
Data sources: Crossref
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Liberalism, Rationality, and Pareto Optimality

Authors: Ismail, Mehmet; Heap, Shaun;

Liberalism, Rationality, and Pareto Optimality

Abstract

Rational players in game theory are neoliberal in the sense that they can choose any available action so as to maximize their payoffs. It is well known that this can result in Pareto inferior outcomes (e.g. the Prisoner's Dilemma). Classical liberalism, in contrast, argues that people should be constrained by a no-harm principle (NHP) when they act. We show, for the first time to the best of our knowledge, that rational players constrained by the NHP will produce Pareto efficient outcomes in n-person non-cooperative games. We also show that both rationality and the NHP are required for this result.

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bepress|Social and Behavioral Sciences|Economics, Economics, SocArXiv|Social and Behavioral Sciences|Economics|Political Economy, bepress|Social and Behavioral Sciences, SocArXiv|Social and Behavioral Sciences|Economics, bepress|Social and Behavioral Sciences|Economics|Political Economy, SocArXiv|Social and Behavioral Sciences, Social and Behavioral Sciences, Political Economy

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    popularity
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    influence
    This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
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    This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
1
Average
Average
Average
hybrid