Sigma-Optimality and Fairness

Lars-Gunnar Svensson

International Economic Review, 1994, vol. 35, issue 2, 527-31

Abstract: Consistency between Pareto optimality and no envy requires some assumptions on the structure of the set of Pareto optimal allocations. Here the author proves that sigma-optimality--a concept first introduced by D. Campbell in his 1988 paper--is a sufficient condition. Campbell proved the equivalence between between sigma-optimality and price equilibrium. Using a differentiability approach, the author also gives a simple proof of that result. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Date: 1994
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