05ECO100OutlineEfficiency

Saving for emergencies always important to her needs

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Bay Street career. Saving for emergencies always important to her. Needs a kidney. Wilson Grew up with Tatyana. Same high school, etc. Dropped out of UofT. Works in Hawaiian surf shop. Needs a kidney. Outcome Tatyana buys a kidney. Wilson cannot afford one . . . Is it fair that Tatyana gets a kidney while Wilson does not get one? Gazzale (University of Toronto) ECO100: Efficiency 14 / 16
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Fairness Scenario IV Tatyana Daughter of immigrants. Hard work UofT econ grad lucrative Bay Street career. Saving for emergencies always important to her. Needs a kidney. Marilson Son of immigrants. Hard work UofT econ grad lucrative Bay Street offer . . . . . . high school math teacher Disposable income giving children every opportunity possible Outcome Tatyana buys a kidney. Marilson cannot afford one . . . Is it fair that Tatyana gets a kidney while Marilson does not get one? Gazzale (University of Toronto) ECO100: Efficiency 15 / 16
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Fairness Why economist (often) shy away from fairness discussions Prof. G.’s take WTP = Willingness (and ability) to pay Ability to pay often determined both by luck and choices Often really hard to distinguish Choices reflect preferences Gazzale (University of Toronto) ECO100: Efficiency 16 / 16
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