Equity, envy and efficiency under asymmetric information
AbstractVarian's (Varian, H., 1974. Equity, Envy and Efficiency. Journal of Economic Theory 9, 63-91) main results are not valid anymore if the agents are asymmetrically informed at the time of contracting: 1) envy-freeness and efficiency may be incompatible; 2) there may exist efficient allocation rules such that every agent envies another. Two weaker positive properties are formulated.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 99 (2008)
Issue (Month): 2 (May)
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Web page: http://www.elsevier.com/locate/ecolet
Other versions of this item:
- Geoffroy de Clippel, 2004. "Equity, Envy and Efficiency under Asymmetric Information," Working Papers 2004-19, Brown University, Department of Economics.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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2004-18, Brown University, Department of Economics.
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Elsevier, vol. 9(1), pages 63-91, September.
- Geoffroy de Clippel & David Pérez-Castrillo & David Wettstein, 2010.
"Egalitarian Equivalence under Asymmetric Information,"
431, Barcelona Graduate School of Economics.
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- Geoffroy de Clippel & David Perez-Castrillo & David Wettstein, 2010. "Egalitarian Equivalence under Asymmetric Information," Working Papers 2010-5, Brown University, Department of Economics.
- Geoffroy de Clippel & David Pérez-Castrillo & David Wettstein, 2010. "Egalitarian Equivalence under Asymmetric Information," UFAE and IAE Working Papers 813.10, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Achille Basile & Maria Gabriella Graziano & Maria Laura Pesce, 2012. "On Fairness of Equilibria in Economies with Differential Information," CSEF Working Papers 303, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Achille Basile & Maria Graziano & Marialaura Pesce, 2014. "On fairness of equilibria in economies with differential information," Theory and Decision, Springer, vol. 76(4), pages 573-599, April.
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- Maria Laura Pesce, 2011. "Are Asymmetrically Informed Agents Envious?," CSEF Working Papers 292, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
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