Rights and Decentralized Computation
Författare
Summary, in English
This paper emphasizes that rights facilitate decentralized use of information and computation. A dynamically efficient adjustment process that solves a private information linear resource allocation problem by a sequential auction of production and trading rights is presented. It is shown that in equilibrium the sequential auction mimics the simplex algorithm in a decentralized way and thereby gives it an institutional economic interpretation, where the structure of rights imposes restrictions on the problem sequentially.
Avdelning/ar
Publiceringsår
2004
Språk
Engelska
Sidor
290-317
Publikation/Tidskrift/Serie
Metroeconomica
Volym
55
Issue
2-3
Länkar
Dokumenttyp
Artikel i tidskrift
Förlag
Wiley-Blackwell
Ämne
- Economics
Status
Published
ISBN/ISSN/Övrigt
- ISSN: 1467-999X