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Equity, envy and efficiency under asymmetric information

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Author Info
de Clippel, Geoffroy

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Abstract

Varian'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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Publisher Info
Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 99 (2008)
Issue (Month): 2 (May)
Pages: 265-267
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Handle: RePEc:eee:ecolet:v:99:y:2008:i:2:p:265-267

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References listed on IDEAS
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.:
  1. de Clippel, Geoffroy, 2007. "The type-agent core for exchange economies with asymmetric information," Journal of Economic Theory, Elsevier, vol. 135(1), pages 144-158, July. [Downloadable!] (restricted)
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  2. Panzer, Elisha A & Schmeidler, David, 1974. "A Difficulty in the Concept of Fairness," Review of Economic Studies, Blackwell Publishing, vol. 41(3), pages 441-43, July. [Downloadable!] (restricted)
  3. Thibault Gajdos & Jean-Marc Tallon, 2002. "Fairness under Uncertainty," Economics Bulletin, Economics Bulletin, vol. 4(18), pages 1-7. [Downloadable!]
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  4. Palfrey, Thomas R & Srivastava, Sanjay, 1987. "On Bayesian Implementable Allocations," Review of Economic Studies, Blackwell Publishing, vol. 54(2), pages 193-208, April. [Downloadable!] (restricted)
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