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Community Property Auction, Nash Bidding Rule And China'S Rural Economic Reform

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  • Ke Li
  • Shuntian Yao
  • Lei Yu

Abstract

In this paper we present a model based on the auction theory for community properties and its possible application to China's economic reforms. We derive the Nash bidding rule for the first price sealed‐bid auction of a community‐owned object, and compare it with the bidding rule for auctions of a privately‐owned object. Moreover, we argue that in the process of China's economic reforms, auctioning off the community‐owned properties to private owners is the optimal way to achieve economic efficiency together with social equity. This paper has obvious implications for China's reforms relating to commercializing its rural land and other community property.

Suggested Citation

  • Ke Li & Shuntian Yao & Lei Yu, 2009. "Community Property Auction, Nash Bidding Rule And China'S Rural Economic Reform," Pacific Economic Review, Wiley Blackwell, vol. 14(5), pages 682-693, December.
  • Handle: RePEc:bla:pacecr:v:14:y:2009:i:5:p:682-693
    DOI: 10.1111/j.1468-0106.2009.00474.x
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    4. Lin, Justin Yifu, 1992. "Rural Reforms and Agricultural Growth in China," American Economic Review, American Economic Association, vol. 82(1), pages 34-51, March.
    5. Shujie Yao & Zinan Liu, 1998. "Determinants of Grain Production and Technical Efficiency in China," Journal of Agricultural Economics, Wiley Blackwell, vol. 49(2), pages 171-184, June.
    6. Jirong Wang & Eric J. Wailes & Gail L. Cramer, 1996. "A Shadow-Price Frontier Measurement of Profit Efficiency in Chinese Agriculture," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(1), pages 146-156.
    7. Shenggen Fan, 1991. "Effects of Technological Change and Institutional Reform on Production Growth in Chinese Agriculture," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(2), pages 266-275.
    8. Huang, Jikun & Rozelle, Scott, 1996. "Technological change: Rediscovering the engine of productivity growth in China's rural economy," Journal of Development Economics, Elsevier, vol. 49(2), pages 337-369, May.
    9. Shenggen Fan, 2000. "Technological change, technical and allocative efficiency in Chinese agriculture: the case of rice production in Jiangsu," Journal of International Development, John Wiley & Sons, Ltd., vol. 12(1), pages 1-12.
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