fair allocation
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by
Steven
N.
Durlauf
and
Lawrence
E.
Blume
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Abstract
We survey the theory of equity in a variety of concretely specified resource allocation models: classical economies with private goods, economies with production, economies with indivisible goods, when monetary compensations are feasible and when they are not, economies with single-peaked preferences, and economies in which the dividend is a non-homogeneous continuum. We present the central fairness punctual notions, no-envy, egalitarian-equivalence, concepts of equal or equivalent opportunities and the relational principles of monotonicity and consistency.
Keywords
consistency; convexity; efficient allocation; egalitarian-equivalent allocation; envy-free allocation; equality of opportunity; fair allocation; indivisible goods; monotonicity; Shapley value; single-peaked preferences; solidarity
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See Also
The author would like to thank the National Science Foundation for its support under grant SES 0214691.
How to cite this article
Thomson, William. "fair allocation." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 19 May 2013 <http://www.dictionaryofeconomics.com/article?id=pde2008_F000303> doi:10.1057/9780230226203.0547

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