We introduce a new class of generalized measures of relative deprivation. The class takes the form of a power mean of order p . A characteristic of the class is that depending on the value of the proximity-sensitive parameter p, the class is capable of accommodating both a decreasing weight (the...

Let there be two individuals: "rich," and "poor." Due to inefficiency of the income redistribution policy, if a social planner were to tax the rich in order to transfer to the poor, only a fraction of the taxed income would be given to the poor. Under such inefficiency and a standard utility...