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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- Varian, Hal R., 1974.
"Equity, envy, and efficiency,"
Journal of Economic Theory,
Elsevier, vol. 9(1), pages 63-91, September.
- Geoffroy de Clippel, 2004.
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2004-18, Brown University, Department of Economics.
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- Thibault Gajdos & Jean-Marc Tallon, 2002.
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Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers)
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- 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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