Efficiency vs. Equity: New Study Reveals Impact on Social Choice
The article explores how to make fair decisions when balancing efficiency and equality. It introduces two principles: efficiency-first and equity-first. The efficiency-first principle says we should prioritize efficient choices, only considering equality when all options are equally efficient. The equity-first principle flips this order. The study shows that the rationality of decision-making changes depending on which principle is used. The researchers found both impossible and possible outcomes based on these principles.