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Efficiency and Equity: Is There a Trade-off?

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Author Info
Correia, Maria Isabel Horta

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Abstract

Efficient measures are often not implemented because of their potentially damaging effects on distribution, yet these distributional effects are scarcely studied in economics because of the idea that they are case specific. In this paper we show that when we can separate the effect on efficiency from the effect on distribution, that is when Gorman aggregation applies, the well-known result that aggregate effects can be computed independently of the distribution can be accompanied by a similar result on distribution; the effect on distribution is also distribution independent and can be computed using only aggregate effects. In a world with no lump-sum transfers and agent heterogeneity, we thus have an expeditious rule for defining a class of measures, which for a significative group of agent characteristics, are social welfare improving without requiring the knowledge of the characteristic distribution or the specific form of the social welfare function.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1218.

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Date of creation: Jul 1995
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Handle: RePEc:cpr:ceprdp:1218

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Related research
Keywords: Aggregation; Distribution; Efficient Measures; Equity;

Find related papers by JEL classification:
D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

Cited by:
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  1. Albert Marcet & Katharina Greulich, 2008. "Pareto-Improving Optimal Capital and Labor Taxes," UFAE and IAE Working Papers 733.08, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC). [Downloadable!]
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