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Fairness Properties of Constrained Market Equilibria

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Abstract

This paper studies the notion of fairness in pure exchange economies involving uncertainty and asymmetric information. We propose a new concept of coalitional fair allocation in order to solve the tension that may exist between efficiency and envy-freeness when the equity of allocations is evaluated at the {\it interim} stage. Some characterizations of constrained market equilibria are derived extending the analysis to economies that have both an atomic and an atomless sector.

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Bibliographic Info

Paper provided by Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy in its series CSEF Working Papers with number 245.

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Date of creation: 23 Jan 2010
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Publication status: published in Journal of Economics, 2012, DOI: 10.1007/s00712-012-0322-4 with the title "Coalitional fairness in interim differential information economies"
Handle: RePEc:sef:csefwp:245

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Keywords: Mixed markets; coalitional fairness; envy; efficiency; asymmetric information;

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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. 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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