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|Title:||An inequality measure for stochastic allocations|
|Authors:||Chew, S.H. |
|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|
|Appears in Collections:||Staff Publications|
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