William Baumol's Fairness Assumption: Difference between revisions
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*'''Envy'''<nowiki>:</nowiki> | *'''Envy'''<nowiki>:</nowiki> | ||
::If | ::If A prefers to his own bundle, the bundle of goods held by B, A is said to ''envy'' B. | ||
*'''Fairness'''<nowiki>:</nowiki> | *'''Fairness'''<nowiki>:</nowiki> | ||
:: | ::The distribution of goods X and Y is fair if no envy is involved. | ||
*'''Superfairness'''<nowiki>:</nowiki> | *'''Superfairness'''<nowiki>:</nowiki> | ||
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*'''Strict Superfairness'''<nowiki>:</nowiki> | *'''Strict Superfairness'''<nowiki>:</nowiki> | ||
::If A ''strictly'' prefers his bundle to the bundle received by B (and vice versa), then the distribution of goods X and Y is said to be ''strictly superfair''. That is, if | |||
::If the bundle received by each individual is ''strictly'' preferred by that individual to the bundles received by | ::If the bundle received by each individual is ''strictly'' preferred by that individual to the bundles received by | ||
Revision as of 01:45, 11 April 2006
Definitions
- Envy:
- If A prefers to his own bundle, the bundle of goods held by B, A is said to envy B.
- Fairness:
- The distribution of goods X and Y is fair if no envy is involved.
- Superfairness:
- Strict Superfairness:
- If A strictly prefers his bundle to the bundle received by B (and vice versa), then the distribution of goods X and Y is said to be strictly superfair. That is, if
- If the bundle received by each individual is strictly preferred by that individual to the bundles received by
