William Baumol's Fairness Assumption: Difference between revisions
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*'''Envy'''<nowiki>:</nowiki> | *'''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 | ::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> | *'''Fairness'''<nowiki>:</nowiki> | ||
Revision as of 01:30, 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:
- Strict Superfairness:
- If individual A
