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Rights and Decentralized Computation

Holm, Jerker LU (2004) In Metroeconomica 55(2-3). p.290-317
Abstract
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.
Please use this url to cite or link to this publication:
author
organization
publishing date
type
Contribution to journal
publication status
published
subject
in
Metroeconomica
volume
55
issue
2-3
pages
290 - 317
publisher
Wiley-Blackwell
ISSN
1467-999X
DOI
10.1111/j.0026-1386.2004.00194.x
language
English
LU publication?
yes
id
ea85f1a8-4e44-4cb9-8aaf-7046cd0c7c77 (old id 1384624)
date added to LUP
2009-04-20 12:27:13
date last changed
2016-08-16 15:27:18
@article{ea85f1a8-4e44-4cb9-8aaf-7046cd0c7c77,
  abstract     = {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.},
  author       = {Holm, Jerker},
  issn         = {1467-999X},
  language     = {eng},
  number       = {2-3},
  pages        = {290--317},
  publisher    = {Wiley-Blackwell},
  series       = {Metroeconomica},
  title        = {Rights and Decentralized Computation},
  url          = {http://dx.doi.org/10.1111/j.0026-1386.2004.00194.x},
  volume       = {55},
  year         = {2004},
}