Rights and Decentralized Computation
(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:
https://lup.lub.lu.se/record/1384624
- author
- Holm, Jerker LU
- organization
- publishing date
- 2004
- type
- Contribution to journal
- publication status
- published
- subject
- in
- Metroeconomica
- volume
- 55
- issue
- 2-3
- pages
- 290 - 317
- publisher
- Wiley-Blackwell
- external identifiers
-
- scopus:85040394519
- 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
- 2016-04-01 11:59:44
- date last changed
- 2022-01-26 21:17:19
@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}}, doi = {{10.1111/j.0026-1386.2004.00194.x}}, volume = {{55}}, year = {{2004}}, }