Operations research, 2011-01, Vol.59 (1), p.17-31
2011
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Details
- Autor(en) / Beteiligte
- Titel
- The Price of Fairness
- Ist Teil von
- Operations research, 2011-01, Vol.59 (1), p.17-31
- Ort / Verlag
- Hanover, MD: INFORMS
- Erscheinungsjahr
- 2011
- Quelle
- EBSCOhost Business Source Ultimate
- Beschreibungen/Notizen
- In this paper we study resource allocation problems that involve multiple self-interested parties or players and a central decision maker. We introduce and study the price of fairness, which is the relative system efficiency loss under a "fair" allocation assuming that a fully efficient allocation is one that maximizes the sum of player utilities. We focus on two well-accepted, axiomatically justified notions of fairness, viz., proportional fairness and max-min fairness. For these notions we provide a tight characterization of the price of fairness for a broad family of problems.
- Sprache
- Englisch
- Identifikatoren
- ISSN: 0030-364XeISSN: 1526-5463DOI: 10.1287/opre.1100.0865Titel-ID: cdi_jstor_primary_23013103
- Format
- –
- Schlagworte
- algorithms, Allocative efficiency, Analysis, analysis of algorithms, applications, Applied sciences, Axioms, bargaining, Budget allocation, Convexity, Decision making, Decision theory. Utility theory, Efficiency loss, Exact sciences and technology, Fairness, games/group decisions, Hyperplanes, Mathematical monotonicity, multiple criteria, nonlinear, Operational research and scientific management, Operational research. Management science, Operations research, Pareto efficiency, Prices, Pricing, programming, Resource allocation, Studies, Utility rates