Equity, envy and efficiency under asymmetric information
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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References listed on IDEAS
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- Palfrey, Thomas R. & Srivastava, Sanjay., 1986.
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- Elisha A. Pazner & David Schmeidler, 1974. "A Difficulty in the Concept of Fairness," Review of Economic Studies, Oxford University Press, vol. 41(3), pages 441-443.
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- de Clippel, Geoffroy, 2007.
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- Varian, Hal R., 1974.
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