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Summary ECO2003 Property and power

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February 7, 2024
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2023/2024
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Summary

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11
Identify Pareto efficent outcomes




1 2 Fairness
Substantive fairness 8 Judgement based on the
allocation of how
goods and services i.e unequal
they are In terms of income for example
subjective well
being

Procedural fairness 8 This is concerned with
the proceduers used a decision maker rather
by
than the actual outcome reached CI e How they
came about e.g force fair
play equal opp
us


confronting social norms

, C 3 Angela's feasible fronted
12
of
Angela's feasible

É frontier


O 24


Angela's house of free time


The shape of Angela's
feasible frater is

determined ten production function As Angela
by
produces more she sacrifices free time and vice
versa
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