dictatorship." Within this model, we developed a framework for evaluating the tradeoff between the efficiency gains from increasing …Results: Both random ranking and restrictions in supply resulted in a relatively small efficiency gains from training … private practice - resulted in substantial gains in both equity and efficiency …

redistribution. We study the dynamic evolution of different economies in which redistributive policies, perceptions of fairness …, inequality and growth are jointly determined. We show how including fairness explains various observed correlations between … inequality, redistribution and growth. We also show how different beliefs about fairness can keep two otherwise identical …

In Fairness versus Welfare, we advance the thesis that social policies should be assessed based entirely on their … effects on individuals' well-being. This thesis implies that no independent weight should be accorded to notions of fairness … (other than many purely distributive notions). We support our thesis in three ways: by demonstrating how notions of fairness …

fairness to their consumers. The theory relies on two psychological assumptions. First, customers care about the fairness of …This paper proposes a theory of price rigidity consistent with survey evidence that firms stabilize prices out of … rigid. Embedded in a simple macroeconomic model, our pricing theory produces nonneutral monetary policy, a short …

fairness and social justice are increasingly voiced by citizens and their governments around the world. Taking a novel "bottom … up" approach to concerns for fairness, we show how these concerns can be formalized in a general and tractable way, and …-related fairness concerns of their citizens. More generally, our findings point to a detailed understanding of real-world perceptions …