On Fairness of Equilibria in Economies with Differential Information
The paper proposes a notion of fairness which overcomes the conflict arising between efficiency and the absence of envy in economies with uncertainty and asymmetrically informed agents. We do it in general economies which include, as particular cases, the main differential information economies studied in the literature. The analysis is further extended by allowing the presence of large traders, which may cause the lack of perfect competition.
|Date of creation:||11 Jan 2012|
|Publication status:||Published in Theory and Decision, 2014, 76(4), 573-599|
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