William Baumol's Fairness Assumption: Difference between revisions
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=<center>Definitions</center>= | =<center>Definitions</center>= | ||
*'''Envy'''<nowiki>:</nowiki> | |||
::If an individual, A, prefers the bundle of goods held by another individual, B, to his own bundle, he is said to '''''envy''''' individual B. | |||
*'''Fairness'''<nowiki>:</nowiki> | |||
::A distribution is fair if no individual envies another. | |||
*'''Superfairness'''<nowiki>:</nowiki> | |||
:: | |||
=<center>Properties of Fariness</center>= | =<center>Properties of Fariness</center>= | ||
Revision as of 01:28, 11 April 2006
Definitions
- Envy:
- If an individual, A, prefers the bundle of goods held by another individual, B, to his own bundle, he is said to envy individual B.
- Fairness:
- A distribution is fair if no individual envies another.
- Superfairness:
