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Equity, Envy and Efficiency under Asymmetric Information

  • Geoffroy de Clippel

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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File URL: http://www.brown.edu/academics/economics/sites/brown.edu.academics.economics/files/uploads/wp2004/2004-19_paper.pdf
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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
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Handle: RePEc:bro:econwp:2004-19
Contact details of provider: Postal: Department of Economics, Brown University, Providence, RI 02912

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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. Geoffroy de Clippel, 2004. "The Type-Agent Core for Exchange Economies with Asymmetric Information," Working Papers 2004-18, Brown University, Department of Economics.
  4. Thibault Gajdos & Jean-Marc Tallon, 2002. "Fairness under Uncertainty," Economics Bulletin, AccessEcon, vol. 4(18), pages 1-7.
  5. 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.
  6. Wilson, Robert B, 1978. "Information, Efficiency, and the Core of an Economy," Econometrica, Econometric Society, vol. 46(4), pages 807-16, July.
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