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Resource allocation with spatial externalities: Experiments on land consolidation

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Author Info
Tomomi Tanaka (California Institute of Technology)

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Abstract

This paper compares the performance of direct negotiation, double auction, and a two-sided combinatorial call market for consolidating fragmented land. Experimental results suggest direct negotiation produces higher efficiencies than other mechanisms when 1) all commodities need to be traded to achieve efficiency, and 2) subjects are well exposed to various experimental formats. The combinatorial call market performs well when 1) swapping is easily agreeable, and 2) the number of subjects and commodities are increased and the initial endowments are unchallenging. The two-sided combinatorial call market suffers from the holdout problem when the number of subjects and commodities is small.

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Paper provided by EconWPA in its series Experimental with number 0511004.

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Length: 34 pages
Date of creation: 16 Nov 2005
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Handle: RePEc:wpa:wuwpex:0511004

Note: Type of Document - pdf; pages: 34
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Web page: http://129.3.20.41

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Related research
Keywords: Mechanism design; Two-sided combinatorial auction; Holdout;

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Find related papers by JEL classification:
C9 - Mathematical and Quantitative Methods - - Design of Experiments

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    Other versions:
  3. Paul Milgrom, 2000. "Putting Auction Theory to Work: The Simultaneous Ascending Auction," Journal of Political Economy, University of Chicago Press, vol. 108(2), pages 245-272, April. [Downloadable!] (restricted)
    Other versions:
  4. Heston, Alan & Kumar, Dharma, 1983. "The persistence of land fragmentation in peasant agriculture: An analysis of South Asian cases," Explorations in Economic History, Elsevier, vol. 20(2), pages 199-220, April. [Downloadable!] (restricted)
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  6. Monke, Eric & Avillez, Francisco & Ferro, Manuela, 1992. "Consolidation Policies and Small-Farm Agriculture in Northwest Portugal," European Review of Agricultural Economics, Oxford University Press for the Foundation for the European Review of Agricultural Economics, vol. 19(1), pages 67-83.
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  11. A. Parikh & K. Shah, 1994. "Measurement Of Technical Efficiency In The North-West Frontier Province Of Pakistan," Journal of Agricultural Economics, Blackwell Publishing, vol. 45(1), pages 132-138. [Downloadable!] (restricted)
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  13. Jabarin, Amer S. & Epplin, Francis M., 1994. "Impacts of land fragmentation on the cost of producing wheat in the rain-fed region of northern Jordan," Agricultural Economics, Blackwell, vol. 11(2-3), pages 191-196, December. [Downloadable!] (restricted)
  14. Plott, Charles R & Smith, Vernon L, 1978. "An Experimental Examination of Two Exchange Institutions," Review of Economic Studies, Blackwell Publishing, vol. 45(1), pages 133-53, February. [Downloadable!] (restricted)
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  15. Cramton, Peter, 1998. "The Efficiency of the FCC Spectrum Auctions," Journal of Law & Economics, University of Chicago Press, vol. 41(2), pages 727-36, October.
    Other versions:
  16. Banks, Jeffrey & Olson, Mark & Porter, David & Rassenti, Stephen & Smith, Vernon, 2003. "Theory, experiment and the federal communications commission spectrum auctions," Journal of Economic Behavior & Organization, Elsevier, vol. 51(3), pages 303-350, July. [Downloadable!] (restricted)
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