What's Fair?: New Theory on Income Inequality
Wednesday, May 27, 2015 - 17:00
in Mathematics & Economics
The increasing inequality in income and wealth in recent years, together with excessive pay packages of CEOs in the U.S. and abroad, is of growing concern.. Columbia Engineering Professor Venkat Venkatasubramanian has led a study that examines income inequality through a new approach: he proposes that the fairest inequality of income is a lognormal distribution (a method of characterizing data patterns in probability and statistics) under ideal conditions, and that an ideal free market can "discover" this in practice.