The concept of fair division is as old as civil society itself.
Aristotle's "equal treatment of equals" was the first step toward a
formal definition of distributive fairness. The concept of
collective welfare, more than two centuries old, is a pillar of
modern economic analysis. Reflecting fifty years of research, this
book examines the contribution of modern microeconomic thinking to
distributive justice. Taking the modern axiomatic approach, it
compares normative arguments of distributive justice and their
relation to efficiency and collective welfare.The book begins with
the epistemological status of the axiomatic approach and the four
classic principles of distributive justice: compensation, reward,
exogenous rights, and fitness. It then presents the simple ideas of
equal gains, equal losses, and proportional gains and losses. The
book discusses three cardinal interpretations of collective
welfare: Bentham's "utilitarian" proposal to maximize the sum of
individual utilities, the Nash product, and the egalitarian leximin
ordering. It also discusses the two main ordinal definitions of
collective welfare: the majority relation and the Borda scoring
method.The Shapley value is the single most important contribution
of game theory to distributive justice. A formula to divide jointly
produced costs or benefits fairly, it is especially useful when the
pattern of externalities renders useless the simple ideas of
equality and proportionality. The book ends with two versatile
methods for dividing commodities efficiently and fairly when only
ordinal preferences matter: competitive equilibrium with equal
incomes and egalitarian equivalence. The book contains a wealth of
empirical examples and exercises.
General
Imprint: |
MIT Press
|
Country of origin: |
United States |
Series: |
The MIT Press |
Release date: |
August 2004 |
First published: |
2004 |
Authors: |
Herve Moulin
|
Dimensions: |
229 x 178 x 15mm (L x W x T) |
Format: |
Paperback - Trade
|
Pages: |
296 |
Edition: |
New edition |
ISBN-13: |
978-0-262-63311-6 |
Categories: |
Books >
Business & Economics >
Economics >
Economic systems >
General
|
LSN: |
0-262-63311-6 |
Barcode: |
9780262633116 |
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