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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|Date of creation:||2004|
|Date of revision:|
|Contact details of provider:|| Postal: Department of Economics, Brown University, Providence, RI 02912|
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- Thibault Gajdos & Jean-Marc Tallon, 2002.
"Fairness under Uncertainty,"
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- Thibault Gajdos & Jean-Marc Tallon, 2002. "Fairness under Uncertainty," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00086032, HAL.
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"Equity, Envy and Efficiency,"
115, Massachusetts Institute of Technology (MIT), Department of Economics.
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- Geoffroy de Clippel, 2004.
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2004-18, Brown University, Department of Economics.
- de Clippel, Geoffroy, 2007. "The type-agent core for exchange economies with asymmetric information," Journal of Economic Theory, Elsevier, vol. 135(1), pages 144-158, July.
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