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Resource allocation with spatial externalities: Experiments on land consolidation

  • Tomomi Tanaka

    (California Institute of Technology)

This paper compares the performance of direct negotiation, double auction, and a two-sided combinatorial call market for consolidating fragmented land. Experimental results suggest direct negotiation produces higher efficiencies than other mechanisms when 1) all commodities need to be traded to achieve efficiency, and 2) subjects are well exposed to various experimental formats. The combinatorial call market performs well when 1) swapping is easily agreeable, and 2) the number of subjects and commodities are increased and the initial endowments are unchallenging. The two-sided combinatorial call market suffers from the holdout problem when the number of subjects and commodities is small.

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File URL: http://128.118.178.162/eps/exp/papers/0511/0511004.pdf
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Paper provided by EconWPA in its series Experimental with number 0511004.

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Length: 34 pages
Date of creation: 16 Nov 2005
Date of revision:
Handle: RePEc:wpa:wuwpex:0511004
Note: Type of Document - pdf; pages: 34
Contact details of provider: Web page: http://128.118.178.162

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  11. Rassenti, Stephen J. & Smith, Vernon L., 2008. "The Combinatorial Auction," Handbook of Experimental Economics Results, Elsevier.
  12. Peter Cramton & Evan Kwerel & John Williams, 1998. "Efficient Relocation of Spectrum Incumbents," Papers of Peter Cramton 98jleer, University of Maryland, Department of Economics - Peter Cramton, revised 12 Jul 1998.
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  15. Monke, Eric & Avillez, Francisco & Ferro, Manuela, 1992. "Consolidation Policies and Small-Farm Agriculture in Northwest Portugal," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 19(1), pages 67-83.
  16. A. Parikh & K. Shah, 1994. "Measurement Of Technical Efficiency In The North-West Frontier Province Of Pakistan," Journal of Agricultural Economics, Wiley Blackwell, vol. 45(1), pages 132-138.
  17. Banks, Jeffrey & Olson, Mark & Porter, David & Rassenti, Stephen & Smith, Vernon, 2003. "Theory, experiment and the federal communications commission spectrum auctions," Journal of Economic Behavior & Organization, Elsevier, vol. 51(3), pages 303-350, July.
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