In the theory of fair division, the price of fairness (POF) is the ratio of the largest economic welfare attainable by a division to the economic welfare attained by a fair division. The POF is a quantitative measure of the loss of welfare that society has to take in order to guarantee fairness.
In general, the POF is defined by the following formula:
The exact price varies greatly based on the kind of division, the kind of fairness and the kind of social welfare we are interested in.
The most well-studied type of social welfare is utilitarian social welfare, defined as the sum of the (normalized) utilities of all agents. Another type is egalitarian social welfare, defined as the minimum (normalized) utility per agent.
In the theory offair division, the priceoffairness (POF) is the ratio of the largest economic welfare attainable by a division to the economic welfare...
NTUC FairPrice is the largest supermarket chain in Singapore. The company is a co-operative of the National Trades Union Congress (NTUC). The group has...
Understanding Fairness Wikiquote has quotations related to Fairness. Fairness or being fair can refer to: Justice: in particular, impartiality, objectivity...
In accounting, fair value is a rational and unbiased estimate of the potential market priceof a good, service, or asset. The derivation takes into account...
The priceoffairness is the ratio between the maximum social welfare (sum of utilities) in any allocation, and the maximum social welfare in a fair allocation...
Pferschy study the priceoffairness, that is, the ratio between the maximum sum of utilities, and the maximum sum of utilities in a fair solution: For shared...
why we need the fair—that's why we need the Fairness Doctrine back." Former President Bill Clinton has also shown support for the fairness doctrine. During...
prices (resale price maintenance), at or above a price floor (minimum resale price maintenance) or at or below a price ceiling (maximum resale price maintenance)...
concept of fairness lead to inconclusive results. Therefore, most current research on fairness focuses on concepts of subjective fairness. Each of the n {\displaystyle...
price, also known as the manufacturer's suggested retail price (MSRP), or the recommended retail price (RRP), or the suggested retail price (SRP) of a...
"super-beneficiary" may be preferred. Average and total utilitarianism Priceoffairness Happiness pump Kennard, Frederick (March 20, 2015). Thought Experiments:...
sustainable and equitable trade relationships. The fair trade movement combines the payment of higher prices to exporters with improved social and environmental...
purchase price buyers must pay for themselves, the less price sensitive they will be. Fairness effect: Buyers are more sensitive to the priceof a product...
Employment-to-population ratio Egalitarian priceof proportionality, a component of the egalitarian priceoffairness Elongin BC Polycomb Repressive Complex...
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system that was fair for all, regardless of shoppers' wealth or status. Unlike the Quakers, who used fixed pricing as a way to maintain fairness, retailers...
considered reasonable or fair.[who?] Usually, this event occurs after a demand or supply shock. This commonly applies to price increases of basic necessities...
on a fairness criterion. Based on the preferences and the fairness criterion, a fair assignment algorithm should be executed to calculate a fair division...
and pricingof gasoline (or petrol) results from factors such as crude oil prices, processing and distribution costs, local demand, the strength of local...
Certificate of origin EUR.1 movement certificate Form A Form B TIR Carnet European Free Trade Association (EFTA) Exchange rate Factor price equalization Fair trade...
are two primary forms ofprice control: a price ceiling, the maximum price that can be charged; and a price floor, the minimum price that can be charged...
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