ECON 2020 Lecture 5: Module 2- Equity and Fairness DAY 2
Document Summary
Fair: agreeing with what is thought to be right or acceptable, treating people in a way that does not favor some people over others, not too harsh or critical. Equity:fairness or justice in the way people are treated, justice according to natural law or right, freedom from bias or favoritism. Equality: the quality of having the same rights, social status etc. , the quality or state of being equal. The division should be subjectively fair, in that each person should receive a piece that he or she believes to be a fair share. Proportionality- getting an allocation personally valued at least as highly as a proportional share of the entire cake. Envy free- getting pieces whether there is no incentive to re-trade with any other recipient (each likes theirs as much as everyone else) If you don"t like brownies, and choose to cut into and , that is fair because you did not desire much of the brownie.
