Econometrica Vol. 47 No. 1 1979
A Procedure for Generating Pareto-Efficient Egalitarian-Equivalent Allocations
Abstract
[This paper describes a simple, operational procedure that, under reasonable economic assumptions, always generates Pareto-efficient egalitarian-equivalent allocations (PEEEA) when agents know each other's preferences. The procedure constitutes a new, constructive proof of Pazner and Schmeidler's theorems on the existence of PEEEA, and shows that PEEEA, like fair and Pareto-efficient allocations, can be decentralized using less information than is required by the standard market procedure for decentralizing allocations that maximize a neoclassical, individualistic social welfare function.]
- DOI
- 10.2307/1912345
- Volume
- 47
- Issue
- 1
- Pages
- 49
- Sources
- bibtex:phds-export.bib openalex crossref