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Rights and Decentralized Computation

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Author

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.

Publishing year

2004

Language

English

Pages

290-317

Publication/Series

Metroeconomica

Volume

55

Issue

2-3

Document type

Journal article

Publisher

Wiley-Blackwell

Topic

  • Economics

Status

Published

ISBN/ISSN/Other

  • ISSN: 1467-999X