Hierarchic Rationing As The Value Allocation Of Temporary Equilibrium

Thumbnail Image
Date
1982-11-01
Authors
Gardner, Roy
Major Professor
Advisor
Committee Member
Journal Title
Journal ISSN
Volume Title
Publisher
Authors
Research Projects
Organizational Units
Organizational Unit
Journal Issue
Is Version Of
Versions
Series
Department
Economics
Abstract

This paper considers the allocation of excess supply among agents on the long side of the market from the standpoint of cooperative game theory, Under the no-forced-trading hypothesis, supply actually traded equals market demand. Suppose a winning coalition of sellers can fulfill their desired sales, up to the limit of market demand. The main results characterize the value allocations of the ensuing market rationing games. In particular, the endogenous hierarchic rationing mechanism of Heller and Starr arises when power is distributed evenly among sellers.

Comments
Description
Keywords
Citation
DOI
Source
Copyright
Collections