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:|
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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.
- 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.
- Thibault Gajdos & Jean-Marc Tallon, 2002.
"Fairness under Uncertainty,"
Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers)
- H. R. Varian, 1973.
"Equity, Envy and Efficiency,"
115, Massachusetts Institute of Technology (MIT), Department of Economics.
- Geoffroy de Clippel, 2004.
"The Type-Agent Core for Exchange Economies with Asymmetric Information,"
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.
- Thomas R. Palfrey & Sanjay Srivastava, 1987. "On Bayesian Implementable Allocations," Review of Economic Studies, Oxford University Press, vol. 54(2), pages 193-208.
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