On fairness and welfare analysis under uncertainty
نویسندگان
چکیده
منابع مشابه
ON FAIRNESS AND WELFARE ANALYSIS UNDER UNCERTAINTY by
This paper investigates the role of fairness, uncertainty, and a "veil of ignorance" in efficient resource allocation. It focuses on the choice of private and public goods, the method of financing, as well as the choice of information available for public decision-making. A fair-equivalent and Pareto efficient allocation is presented using a maximin criterion defined in terms of individual will...
متن کاملFairness under Uncertainty with Indivisibilities
I analyze an economy with uncertainty in which a set of indivisible objects and a certain amount of money is to be distributed among agents. The set of intertemporally fair social choice functions based on envy-freeness and Pareto efficiency is characterized. I give a necessary and sufficient condition for its non-emptiness and propose a mechanism that implements the set of intertemporally fair...
متن کاملOn the Valuation of Uncertainty in Welfare Analysis
This article develops a general model of private and public choice under temporal uncertainty. The model incorporates the effects of risk preferences and the prospect of future learning into both the individual and aggregate valuations of public projects. The analysis provides new insights on individual valuation, its implications for benefit–cost analysis and the characterization of Paretoeffi...
متن کاملUncertainty, Inflation, and Welfare
Bank of Canada working papers are theoretical or empirical works-in-progress on subjects in economics and finance. The views expressed in this paper are those of the authors. No responsibility for them should be attributed to the Bank of Canada. Abstract This paper studies the welfare costs and the redistributive effects of inflation in the presence of idiosyncratic liquidity risk, in a micro-f...
متن کاملOn Fairness in Decision-Making under Uncertainty: Definitions, Computation, and Comparison
The utilitarian solution criterion, which has been extensively studied in multi-agent decision making under uncertainty, aims to maximize the sum of individual utilities. However, as the utilitarian solution often discriminates against some agents, it is not desirable for many practical applications where agents have their own interests and fairness is expected. To address this issue, this pape...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Social Choice and Welfare
سال: 2003
ISSN: 0176-1714,1432-217X
DOI: 10.1007/s003550200176