Theory of equity in pricing for resource conservation |
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Authors: | William J. Baumol |
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Affiliation: | 1. Department of Economics, Princeton University, Princeton, New Jersey 014540, USA;2. New York University, New York, New York 10003, USA |
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Abstract: | This paper seeks to construct some theoretical tools that can be used to examine formally the equity issues raised in the use of pricing as a means to conserve scarce resources, in particular, the criteria that can be used to judge the equity of such a price change and the special problem raised by differences in elasticity of demand of different customer groups are considered. Toward this end the concept of a “superfair” distribution (a distribution under which each and every participant obtains a share of the total which is equal to or greater than that individuars pro-rata share, in his own estimation) is introduced and discussed. |
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