Rationing, Queues, and Black Markets
Several types of rationing and queue mechanisms are compared in a framework of general equilibrium type models under gross substitutability and normality assumptions about consumers' Walrasian demand. During transition from rationing and queues to a market system, a group of low income people loses. The transition involves larger losses for this group if black markets prevail under rationing or queues, while a group of high income consumers gains. Some other comparative statics results are developed for a queue model with black markets. Copyright 1993 by The Econometric Society.
Volume (Year): 61 (1993)
Issue (Month): 1 (January)
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