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-to-poorer transfers that preserve the overall efficiency of the distribution. This transfer principle - together with the basic axioms of …
Persistent link: https://www.econbiz.de/10011856642
We model problems of allocating disputed properties as generalized exchange economies. Therein, agents have preferences and claims over multiple goods, and the social endowment of each good may not be sufficient to satisfy all individual claims. We focus on market-based allocation rules that...
Persistent link: https://www.econbiz.de/10011538925
argue that Foley's (1967) equity test, i.e., the requirement that no agent prefer the allocation obtained by swapping her …
Persistent link: https://www.econbiz.de/10011672122
; Efficiency ; Equity ; No-Envy … dominates z, or (ii) x equity-dominates z. Its transitive-closure and the strict relation derive different ranking criteria, but …
Persistent link: https://www.econbiz.de/10003750503
production and with two - period lived agents. We show that there exists a conflict between no-envy and efficiency when all …
Persistent link: https://www.econbiz.de/10012938330
We review the theory of fairness as it pertains to concretely specified problems of resource allocations. We present punctual notions designed to evaluate how well individuals, or groups, are treated in relation to one another: no-envy, egalitarian-equivalence, individual and collective lower or...
Persistent link: https://www.econbiz.de/10014025187
In their recent seminal work, Kaplow and Shavell demonstrate that any metric for policy evaluation that takes into account factors other than individual welfare is Pareto-inefficient; in particular, they argue at length that notions of fairness - insofar as they do not directly contribute to...
Persistent link: https://www.econbiz.de/10014058485
known axiomatizations and, in addition, prove a new characterization result that uses an axiom we call incremental equity …
Persistent link: https://www.econbiz.de/10014023832
A competitive market mechanism is a prominent example of a nonbinary social choice rule, typically defined for a special class of economic environments in which each social state is an economic allocation of private goods, and individuals’ preferences concern only their own personal...
Persistent link: https://www.econbiz.de/10014025193
Belief disagreement generates a fundamental tension between two desirable features of a resource allocation: Pareto optimality and risk sharing. While Pareto optimality generally opposes restrictions to trade, a growing literature rejects it in the presence of heterogeneous beliefs and proposes...
Persistent link: https://www.econbiz.de/10012853189