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Ex Post Efficiency and Resource Allocation Under Uncertainty

Richard Harris

Working Paper from Economics Department, Queen's University

Abstract: 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.

Date: 1976
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