Market versus Non-Market Assignment of Initial Ownership
We study the initial assignment of ownership of a good. When the good is sold at the market-clearing price, wealthy agents may acquire it instead of poor agents who value it more highly, all else equal. Non-market assignment schemes such as random rationing may allocate the good more efficiently than the competitive market would --- if recipients of the good are allowed to resell. Schemes that favor the poor are even more desirable in that context. The ability to resell is critical to the results, but resale induces speculators to participate, so regulation of resale may be beneficial.
|Date of creation:||10 May 2006|
|Date of revision:||30 May 2006|
|Contact details of provider:|| Postal: |
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bruce, Neil & Waldman, Michael, 1991.
"Transfers in Kind: Why They Can Be Efficient and Nonpaternalistic,"
American Economic Review,
American Economic Association, vol. 81(5), pages 1345-51, December.
- Neil Bruce & Michael Waldman, 1988. "Transfers in Kind: Why They Can Be Efficient and Non-Paternalistic," UCLA Economics Working Papers 532, UCLA Department of Economics.
- Fernandez, Raquel & Gali, Jordi, 1997.
"To Each According to ...?: Markets, Tournaments, and The Matching Problem with Borrowing Constraints,"
97-11, C.V. Starr Center for Applied Economics, New York University.
- Fernandez, Raquel & Gali, Jordi, 1999. "To Each According to . . . ? Markets, Tournaments, and the Matching Problem with Borrowing Constraints," Review of Economic Studies, Wiley Blackwell, vol. 66(4), pages 799-824, October.
- Fernández, Raquel & Galí, Jordi, 1997. "To Each According To...? Markets, Tournaments, and the Matching Problem with Borrowing Constraints," CEPR Discussion Papers 1627, C.E.P.R. Discussion Papers.
- Raquel Fernandez & Jordi Gali, 1997. "To Each According To...? Markets, Tournaments, and the Matching Problem with Borrowing Constraints," NBER Working Papers 5930, National Bureau of Economic Research, Inc.
- Yong Tu & Grace K.M. Wong, 2002. "Public Policies and Public Resale Housing Prices in Singapore," International Real Estate Review, Asian Real Estate Society, vol. 5(1), pages 115-132.
- Roth, Alvin & Ãœnver, M. Utku & SÃ¶nmez, Tayfun, 2004.
2580565, Harvard University Department of Economics.
- Green, Richard K. & Malpezzi, Stephen & Vandell, Kerry, 1994.
"Urban Regulations and the Price of Land and Housing in Korea,"
Journal of Housing Economics,
Elsevier, vol. 3(4), pages 330-356, December.
- Richard Green & Stephen Malpezzi & Kerry Vandell, 1993. "Urban Regulations and the Price of Land and Housing in Korea," Wisconsin-Madison CULER working papers 93-01, University of Wisconsin Center for Urban Land Economic Research.
- John C. Harsanyi, 1955. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility," Journal of Political Economy, University of Chicago Press, vol. 63, pages 309.
- Abdulkadiroglu, Atila & Sonmez, Tayfun, 1999. "House Allocation with Existing Tenants," Journal of Economic Theory, Elsevier, vol. 88(2), pages 233-260, October.
- Atila Abdulkadiroglu & Tayfun Smez, 2003.
"School Choice: A Mechanism Design Approach,"
0203-18, Columbia University, Department of Economics.
- Gary S. Becker & Julio Jorge El�as, 2007. "Introducing Incentives in the Market for Live and Cadaveric Organ Donations," Journal of Economic Perspectives, American Economic Association, vol. 21(3), pages 3-24, Summer.
- Sah, Raaj Kumar, 1987. "Queues, Rations, and Market: Comparisons of Outcomes for the Poor and the Rich," American Economic Review, American Economic Association, vol. 77(1), pages 69-77, March.
- John C. Harsanyi, 1953. "Cardinal Utility in Welfare Economics and in the Theory of Risk-taking," Journal of Political Economy, University of Chicago Press, vol. 61, pages 434.
- Tobin, James, 1970. "On Limiting the Domain of Inequality," Journal of Law and Economics, University of Chicago Press, vol. 13(2), pages 263-77, October.
- Suen, Wing, 1989. "Rationing and Rent Dissipation in the Presence of Heterogeneous Individuals," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1384-94, December.
- Joan Esteban & Debraj Ray, 2006. "Inequality, Lobbying, and Resource Allocation," American Economic Review, American Economic Association, vol. 96(1), pages 257-279, March.
- Blackorby, Charles & Donaldson, David, 1988. "Cash versus Kind, Self-selection, and Efficient Transfers," American Economic Review, American Economic Association, vol. 78(4), pages 691-700, September.
- Wijkander, Hans, 1988. "Equity and Efficiency in Public Sector Pricing: A Case for Stochastic Rationing," Econometrica, Econometric Society, vol. 56(6), pages 1455-65, November.
- Stephen Malpezzi & Susan M. Wachter, . "The Role of Speculation in Real Estate Cycles," Zell/Lurie Center Working Papers 401, Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania.
- Coate, Stephen, 1995. "Altruism, the Samaritan's Dilemma, and Government Transfer Policy," American Economic Review, American Economic Association, vol. 85(1), pages 46-57, March.
- Che, Yeon-Koo & Gale, Ian, 1998. "Standard Auctions with Financially Constrained Bidders," Review of Economic Studies, Wiley Blackwell, vol. 65(1), pages 1-21, January.
- David J. Salant, 1997. "Up in the Air: GTE's Experience in the MTA Auction for Personal Communication Services Licenses," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 6(3), pages 549-572, 09.
- repec:cup:cbooks:9780521551847 is not listed on IDEAS
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:6095. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht)
If references are entirely missing, you can add them using this form.