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Assigning Resources to Budget-Constrained Agents

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  • Yeon-Koo Che
  • Ian Gale
  • Jinwoo Kim

Abstract

This article studies different methods of assigning a good to budget-constrained agents. Schemes that assign the good randomly and allow resale may outperform the competitive market in terms of Utilitarian efficiency. The socially optimal mechanism involves random assignment at a discount--an in-kind subsidy--and a cash incentive to discourage low-valuation individuals from claiming the good. Copyright , Oxford University Press.

Suggested Citation

  • Yeon-Koo Che & Ian Gale & Jinwoo Kim, 2013. "Assigning Resources to Budget-Constrained Agents," Review of Economic Studies, Oxford University Press, vol. 80(1), pages 73-107.
  • Handle: RePEc:oup:restud:v:80:y:2013:i:1:p:73-107
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    File URL: http://hdl.handle.net/10.1093/restud/rds025
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    Cited by:

    1. Bogomolnaia, Anna & Moulin, Herve, 2015. "Size versus fairness in the assignment problem," Games and Economic Behavior, Elsevier, vol. 90(C), pages 119-127.
    2. Che, Yeon-Koo & Gale, Ian & Kim, Jinwoo, 2013. "Efficient assignment mechanisms for liquidity-constrained agents," International Journal of Industrial Organization, Elsevier, vol. 31(5), pages 659-665.
    3. Condorelli, Daniele, 2013. "Market and non-market mechanisms for the optimal allocation of scarce resources," Games and Economic Behavior, Elsevier, vol. 82(C), pages 582-591.
    4. repec:kap:transp:v:45:y:2018:i:1:d:10.1007_s11116-016-9733-3 is not listed on IDEAS
    5. Pai, Mallesh M. & Vohra, Rakesh, 2014. "Optimal auctions with financially constrained buyers," Journal of Economic Theory, Elsevier, vol. 150(C), pages 383-425.

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