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Equity, Envy and Efficiency under Asymmetric Information

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  • Geoffroy de Clippel

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.

(This abstract was borrowed from another version of this item.)

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File URL: http://www.brown.edu/Departments/Economics/Papers/2004/2004-19_paper.pdf
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Bibliographic Info

Paper provided by Brown University, Department of Economics in its series Working Papers with number 2004-19.

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Date of creation: 2004
Date of revision:
Handle: RePEc:bro:econwp:2004-19

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Postal: Department of Economics, Brown University, Providence, RI 02912

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References

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  1. Palfrey, Thomas R & Srivastava, Sanjay, 1987. "On Bayesian Implementable Allocations," Review of Economic Studies, Wiley Blackwell, vol. 54(2), pages 193-208, April.
  2. H. R. Varian, 1973. "Equity, Envy and Efficiency," Working papers 115, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Wilson, Robert B, 1978. "Information, Efficiency, and the Core of an Economy," Econometrica, Econometric Society, vol. 46(4), pages 807-16, July.
  4. Thibault Gajdos & Jean-Marc Tallon, 2002. "Fairness under Uncertainty," Economics Bulletin, AccessEcon, vol. 4(18), pages 1-7.
  5. Geoffroy de Clippel, 2004. "The Type-Agent Core for Exchange Economies with Asymmetric Information," Working Papers 2004-18, Brown University, Department of Economics.
  6. Panzer, Elisha A & Schmeidler, David, 1974. "A Difficulty in the Concept of Fairness," Review of Economic Studies, Wiley Blackwell, vol. 41(3), pages 441-43, July.
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Citations

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Cited by:
  1. 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.
  2. de Clippel, Geoffroy & Pérez-Castrillo, David & Wettstein, David, 2012. "Egalitarian equivalence under asymmetric information," Games and Economic Behavior, Elsevier, vol. 75(1), pages 413-423.
  3. Chiara Donnini & Maria Graziano & Marialaura Pesce, 2014. "Coalitional fairness in interim differential information economies," Journal of Economics, Springer, vol. 111(1), pages 55-68, February.
  4. 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.

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