Tight Bounds for the Price of Fairness

Explore a seminar presentation on the concept of the Price of Fairness (POF) in resource allocation. Delve into the research conducted by Yichuan Daniel Ding from McGill University, focusing on improving existing bounds for POF. Learn about the trade-offs between efficiency and fairness in decision-making processes involving multiple players. Examine the tight bounds derived for the proportional fairness criterion for any number of players, considering scenarios with equal and unequal maximum achievable utilities. Discover the insights on the max-min (Kalai-Smordinsky) fairness criterion when players have varying maximum achievable utilities. Gain valuable knowledge on quantifying efficiency loss due to fairness considerations, aiding central decision makers in striking an optimal balance between fairness and efficiency in resource allocation problems.