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| Tekijä: | Garratt, R. |
| Otsikko: | Decentralizing lottery allocations in markets with indivisible commodities |
| Lehti: | Economic Theory
1995 : VOL. 5:2, p. 295-314 |
| Asiasana: | ALLOCATION MARKETS COMMODITIES |
| Kieli: | eng |
| Tiivistelmä: | In economies with indivisible commodities, consumers tend to prefer lotteries in commodities. A potential mechanism for satisfying these preferences is unrestricted purchasing and selling of lotteries in decentralized markets, as suggested in Prescott and Townsend (Int.Econ.Rev.25, 1-20). However, this paper shows in several examples that such lottery equilibria do not always exist for economies with finitely many consumers. Other conditions are needed. |
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