Ex Post Efficiency and Resource Allocation Under Uncertainty
Working Paper from Economics Department, Queen's University
This paper considers two resource allocation mechanisms which operated in an ex ante exchange environment and have the properties that: 1) equilibrium allocations are ex post efficient; 2) ex post efficient allocations can be attained as equilibrium of the mechanisms. With the possibility of production ex post efficiency is inadequate as a partial ordering of resource allocations and an alternative efficiency notion is introduced.
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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:224
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