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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- Geoffroy de Clippel, 2004.
"The Type-Agent Core for Exchange Economies with Asymmetric Information,"
2004-18, Brown University, Department of Economics.
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115, Massachusetts Institute of Technology (MIT), Department of Economics.
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