Fair Division of a Random Harvest.
Abstract
A resource such as an orchard is owned jointly by m agents, the ith agent's share of the resource being Theta sub i. The yield of the resource, (the harvest) and the utilities of each agent are functions of the state of nature. A fair distribution scheme is one which is Pareto optimal and which gives each agent an expected consumption proportional to his share of the resource. With the usual concavity assumptions on utilities there always exists one and only one fair distribution scheme. The proof is achieved by constructing a suitable social welfare function which is maximized at the desired distribution scheme.
Document Details
- Document Type
- Technical Report
- Publication Date
- Oct 01, 1977
- Accession Number
- ADA047596
Entities
People
- David Gale
Organizations
- University of California, Berkeley