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The efficiency of the price system: evidence from an alternative market

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  • Nan-Ting Chou
  • Ramon Degennaro
  • Raymond Sauer

Abstract

Most economists take it for granted that a price mechanism is usually the most effective means of resource allocation. This paper compares two methods of allocating resources in the thoroughbred racing market: a price mechanism and bureaucratic restrictions. It is shown that a simple price mechanism does a superior job of allocating racing ability than a myriad of conditions and restrictions set by even a highly informed expert.

Suggested Citation

  • Nan-Ting Chou & Ramon Degennaro & Raymond Sauer, 2000. "The efficiency of the price system: evidence from an alternative market," Applied Economics Letters, Taylor & Francis Journals, vol. 7(11), pages 703-706.
    • Handle: RePEc:taf:apeclt:v:7:y:2000:i:11:p:703-706
    DOI: 10.1080/135048500421304
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