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Lange and Hayek Revisited: Lessons from Czech Voucher Privatization

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  • Jan Hanousek
  • Randall K. Filer

Abstract

A fundamental question in economics since the 1930s has been whether an administrative price system could simulate the results of perfect competition even without a true market for the means of production. The theoretical possibility of such a system has been known since the introduction of market socialism by Oskar Lange. We have used the artificial bidding market involved in the Czech voucher privatization process to test whether a sequential process of trial-and-error can set administrative prices close to equilibrium. It would appear from this natural experiment that Robbins and Hayek were correct in doubting the real-world feasibility of market socialism.

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Bibliographic Info

Paper provided by The Center for Economic Research and Graduate Education - Economic Institute, Prague in its series CERGE-EI Working Papers with number wp166.

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Date of creation: Dec 2000
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Handle: RePEc:cer:papers:wp166

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Keywords: bidding scheme; Oskar Lange’s model; privatization; price setting; voucher scheme;

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  1. Jan Hanousek & Eugene Kroch, 1998. "The two waves of voucher privatization in the Czech Republic: a model of learning in sequential bidding," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 30(1), pages 133-143.
  2. Jan Svejnar & Miroslav Singer, 1994. "Using vouchers to privatize an economy: the Czech and Slovak case," The Economics of Transition, The European Bank for Reconstruction and Development, The European Bank for Reconstruction and Development, vol. 2(1), pages 43-69, 03.
  3. Hingorani, Archana & Lehn, Kenneth & Makhija, Anil K., 1997. "Investor behavior in mass privatization: The case of the Czech voucher scheme," Journal of Financial Economics, Elsevier, Elsevier, vol. 44(3), pages 349-396, June.
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Cited by:
  1. Belev, Boyan, 2003. "Institutional investors in Bulgarian corporate governance reform: obstacles or facilitators?," Journal of World Business, Elsevier, Elsevier, vol. 38(4), pages 361-374, November.

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