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The Resource Allocation Efficiency of Service Markets

In: Congestion-Prone Services Under Quality Competition

Author

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  • Dong-Joo Moon

    (Seoul National University)

Abstract

It is said that market economies attain the highest level of resource allocation efficiency when their resource allocations attain Pareto optimality at which no one can be better off without making others worse off. Is this well-known proposition of current welfare economics applicable to the evaluation of resource allocation efficiency in congestion-prone service markets under quality competition? We introduce here one example for which this proposition does not provide a satisfactory answer for marketwise resource allocation efficiency, as described below.

Suggested Citation

  • Dong-Joo Moon, 2011. "The Resource Allocation Efficiency of Service Markets," Advances in Spatial Science, in: Congestion-Prone Services Under Quality Competition, edition 127, chapter 0, pages 331-358, Springer.
    • Handle: RePEc:spr:adspcp:978-3-642-20189-9_13
    DOI: 10.1007/978-3-642-20189-9_13
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