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Lange and Hayek Revisited: Lessons from Czech Voucher Privatization

  • Jan Hanousek

    (CERGE-EI)

  • Randall K. Filer

    (Hunter College and The Graduate Center CUNY; CERGE-EI)

A fundamental question in economics since the 1930s has been whether an administrative price system could simulate the results of perfect competition even without a true market for the means of production. The theoretical possibility of such a system has been known since the introduction of market socialism by Oskar Lange. We have used the artificial bidding market involved in the Czech voucher privatization process to test whether a sequential process of trial-and-error can set administrative prices close to equilibrium. It would appear from this natural experiment that Robbins and Hayek were correct in doubting the real-world feasibility of market socialism.

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File URL: http://128.118.178.162/eps/dev/papers/0012/0012005.pdf
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Paper provided by EconWPA in its series Development and Comp Systems with number 0012005.

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Length: 12 pages
Date of creation: 12 Feb 2001
Date of revision:
Handle: RePEc:wpa:wuwpdc:0012005
Note: Type of Document - Acrobat PDF; pages: 12 ; figures: included
Contact details of provider: Web page: http://128.118.178.162

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  1. Jan Hanousek & Eugene Kroch, 1998. "The two waves of voucher privatization in the Czech Republic: a model of learning in sequential bidding," Applied Economics, Taylor & Francis Journals, vol. 30(1), pages 133-143.
  2. Jan Svejnar & Miroslav Singer, 1994. "Using vouchers to privatize an economy: the Czech and Slovak case," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 2(1), pages 43-69, 03.
  3. Hingorani, Archana & Lehn, Kenneth & Makhija, Anil K., 1997. "Investor behavior in mass privatization: The case of the Czech voucher scheme," Journal of Financial Economics, Elsevier, vol. 44(3), pages 349-396, June.
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