EQUITY

In a broad sense, the just distribution of resources, rights, duties, opportunities, and obligations in society at large, i.e. social justice. In an applied sense at micro level, as for example in the sharing of fisheries resources, an allocation rule based on the concepts of parity ,proportionality and priority. Parityrequires that claimants are treated equally either because they actually are equal or because there is no clear way to distinguish among them. Proportionality acknowledges differences among the claimants and divides the resources in proportion to these differences. Priority asserts that the person with the greatest claim to the resources gets it. See: Inter-generational equity and Inter-generational equity .