The Price of Fairness

Authors:
Dimitris Bertsimas;Vivek F. Farias;Nikolaos Trichakis
Affiliations:
Operations Research Center, Massachusetts Institute of Technology, Cambridge, Massachusetts 02139;Operations Research Center, Massachusetts Institute of Technology, Cambridge, Massachusetts 02139;Operations Research Center, Massachusetts Institute of Technology, Cambridge, Massachusetts 02139
Venue:
Operations Research
Year:
2011

Citing 19
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Abstract

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.