Please use this identifier to cite or link to this item: https://doi.org/10.1016/j.jet.2011.05.002
Title: An inequality measure for stochastic allocations
Authors: Chew, S.H. 
Sagi, J.S.
Keywords: Income inequality
Other regarding
Preference
Risk
Social welfare
Uncertainty
Utility theory
Issue Date: Jul-2012
Citation: Chew, S.H., Sagi, J.S. (2012-07). An inequality measure for stochastic allocations. Journal of Economic Theory 147 (4) : 1517-1544. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jet.2011.05.002
Abstract: Few papers in the literature on inequality measurement deal with uncertainty, particularly when the ranking of cohorts may not be fixed. We present a set of axioms implying such a class of inequality measures under uncertainty that is a one-parameter extension of the generalized Gini mean over the distribution of average allocations. The extension consists of a quadratic term accounting for inter-personal correlations. In particular, our measure can simultaneously accommodate a preference for "shared destiny", a preference for probabilistic mixtures over unfair allocations, and a preference for fairness "for sure" over fairness in expectation. © 2011 Elsevier Inc.
Source Title: Journal of Economic Theory
URI: http://scholarbank.nus.edu.sg/handle/10635/114183
ISSN: 00220531
DOI: 10.1016/j.jet.2011.05.002
Appears in Collections:Staff Publications

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