英文标题:
《How much income inequality is fair? Nash bargaining solution and its
connection to entropy》
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作者:
Venkat Venkatasubramanian and Yu Luo
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最新提交年份:
2018
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英文摘要:
The question about fair income inequality has been an important open question in economics and in political philosophy for over two centuries with only qualitative answers such as the ones suggested by Rawls, Nozick, and Dworkin. We provided a quantitative answer recently, for an ideal free-market society, by developing a game-theoretic framework that proved that the ideal inequality is a lognormal distribution of income at equilibrium. In this paper, we develop another approach, using the Nash Bargaining Solution (NBS) framework, which also leads to the same conclusion. Even though the conclusion is the same, the new approach, however, reveals the true nature of NBS, which has been of considerable interest for several decades. Economists have wondered about the economic meaning or purpose of the NBS. While some have alluded to its fairness property, we show more conclusively that it is all about fairness. Since the essence of entropy is also fairness, we see an interesting connection between the Nash product and entropy for a large population of rational economic agents.
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中文摘要:
两个多世纪以来,公平收入不平等问题一直是经济学和政治哲学中的一个重要开放问题,只有罗尔斯、诺齐克和德沃金提出的定性答案。最近,我们为理想的自由市场社会提供了一个定量答案,通过发展一个博弈论框架,证明理想的不平等是均衡收入的对数正态分布。在本文中,我们开发了另一种方法,使用纳什谈判解决方案(NBS)框架,这也得出了相同的结论。尽管结论是相同的,但新方法揭示了国家统计局的真实性质,这几十年来一直备受关注。经济学家对国家统计局的经济含义或目的感到疑惑。虽然有人提到了它的公平性,但我们更确切地表明,它是关于公平的。由于熵的本质也是公平的,我们看到了大量理性经济主体的纳什积和熵之间有趣的联系。
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分类信息:
一级分类:Economics 经济学
二级分类:General Economics 一般经济学
分类描述:General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类:Quantitative Finance 数量金融学
二级分类:Economics 经济学
分类描述:q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学,包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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