An inequality measure for stochastic allocations (Q435915)
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English | An inequality measure for stochastic allocations |
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An inequality measure for stochastic allocations (English)
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13 July 2012
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There are a few articles on inequality measurement which deal with uncertainty, particularly when the ranking of cohorts may not be fixed. The authors of the present paper give a set of axioms implying such a class of inequality measures under uncertainty that is 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, presented 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.
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income inequality
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social welfare
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utility theory
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risk
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uncertainty
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other regarding
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preference
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