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.

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Year of publication:	2012-01-11
Authors:	Basile, Achille ; Graziano, Maria Gabriella ; Pesce, Maria Laura
Institutions:	Centro Studi di Economia e Finanza (CSEF)
Subject:	Mixed markets \| fairness \| envy \| efficiency \| asymmetric information

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Extent:	application/pdf
Series:	CSEF Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Published in Theory and Decision, 2014, 76(4), 573-599
Classification:	C71 - Cooperative Games ; D51 - Exchange and Production Economies ; D82 - Asymmetric and Private Information
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009397215