| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1662 |
| DP1662 Government Distributional Concerns and Economic Policy During the Transition from Socialism | |
| Roger Gordon; David Daokui Li | |
| 发表日期 | 1997-06-30 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | We compare the performance of markets and tournaments as allocative mechanisms in an economy with borrowing constraints. The model consists of a continuum of individuals who differ in their initial wealth and ability level (e.g. students) and that are to be assigned to a continuum of investment opportunities or inputs of different productivity (e.g. schools of different qualities). With perfect capital markets both mechanisms achieve the efficient allocation, though markets generate higher aggregate consumption because of the waste associated with the production of signals under tournaments. When borrowing constraints are present, however, tournaments dominate markets in terms of aggregate output and, for sufficiently powerful signalling technologies, also in terms of aggregate consumption. |
| 主题 | International Macroeconomics |
| 关键词 | Borrowing constraints Markets Matching Tournaments |
| URL | https://cepr.org/publications/dp1662 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530805 |
| 推荐引用方式 GB/T 7714 | Roger Gordon,David Daokui Li. DP1662 Government Distributional Concerns and Economic Policy During the Transition from Socialism. 1997. |
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