On fairness of equilibria in economies with differential information
AbstractThe paper proposes a notion of fairness which overcomes the conflict arising between efficiency and the absence of envy in economies with uncertainty and asymmetrically informed agents. We do it in general economies which include, as particular cases, the main models of differential information economies, providing in this framework a natural competitive equilibrium notion which satisfies the fair criterion. The analysis is conducted allowing the presence of large traders, which may cause the lack of perfect competition. Copyright Springer Science+Business Media New York 2014
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Bibliographic InfoArticle provided by Springer in its journal Theory and Decision.
Volume (Year): 76 (2014)
Issue (Month): 4 (April)
Contact details of provider:
Web page: http://www.springerlink.com/link.asp?id=100341
Asymmetric information; Envy; Efficiency; Fairness; Mixed markets; Competitive equilibrium; C71; D51; D82;
Other versions of this item:
- 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.
- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
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