Market versus Non-Market Assignment of Initial Ownership
نویسندگان
چکیده
منابع مشابه
Market versus Non-Market Assignment of Initial Ownership
We study the assignment of initial ownership of a good when agents differ in their ability to pay. Selling the good at the market-clearing price favors the wealthy in the sense that they may acquire the good instead of poor buyers who value it more highly. Non-market assignment schemes, even simple random rationing, may yield a more efficient allocation than the competitive market would — if re...
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متن کامل“Evaluating Assignment without Transfers: A Market Perspective”
We show that every (random) assignment/allocation without transfers can be considered as a market outcome with personalized prices and an equal income. One can thus evaluate an assignment by investigating the prices and the induced opportunity sets. When prices are proportional across agents, the assignment is e¢ cient; when prices are common, the assignment is both e¢ cient and envy-free. More...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2006
ISSN: 1556-5068
DOI: 10.2139/ssrn.984121