Equity, envy, and efficiency

Equity, Envy and Efficiency under Asymmetric Information

The set of fair (i.e. envy free and efficient) allocation rules may be empty in wellbehaved pure exchange economies if the agents are asymmetrically informed at the time of contracting. In addition, there may exist efficient allocation rules such that every agent envies another.

Envy and efficiency

Joseph Heath1 The Pareto principle states that if a proposed change in the condition of society makes at least one person better off, and does not make anyone else worse off, then that change should be regarded as an improvement. This principle forms the conceptual core of modern welfare economics, and exercises enormous influence in contemporary discussions of justice and equality. It does, ho...

No-envy, efficiency, and collective rationality

We consider the problem of a fair collective choice function (fair CCF) which maps each profile of extended preference orderings into the set of fair social states (the set consists of alternatives which are both Pareto efficient and envy-free) when such a set exists. Our main objective is to examine compatibility of fair social choices with collective rationality. We formulate desirable proper...

Effectiveness, Efficiency and Equity

Health is perceived as most precious good, and people feel its vulnerability. Societies have been trying to absorb, ameliorate or compensate consequences and health risks with varying emphasis and varying success. Due to the uniqueness of good health to a persons’ ability to live the life he or she wants, health care and performance of health care systems are under critical observation. In this...

Externalities, Efficiency and Equity