Equity and efficiency in non-convex econ
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Rajiv Vohra
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Article
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1992
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Springer
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English
β 979 KB
The objective of this paper is to consider the following question. Does the presence of increasing returns introduce a fundamental trade-off between equity and efficiency objectives? We show that if the no-envy notion of Foley ( ) is taken as the equity criterion and Pareto optimality as the efficie