Pub Date : 2019-11-01DOI: 10.22574/jmid.2019.11.002
Jianxin Rong, Ning Sun, Dazhong Wang
In this paper, we propose an equality measure for allocation mechanisms with budget constraints to describe the difference in object obtaining opportunities among buyers with different budget ranks. We evaluate allocation mechanisms not only from the perspective of efficiency and revenue, but also with the criterion of equality. As an application of this new evaluation criterion -- the equality measure, we study the vehicle license allocation problem in China, introduce a class of hybrid auction-lottery mechanisms, and evaluate China's vehicle license allocation in a unified framework from the criteria of efficiency, equality, and revenue.
{"title":"A New Evaluation Criterion for Allocation Mechanisms with Application to Vehicle License Allocations in China","authors":"Jianxin Rong, Ning Sun, Dazhong Wang","doi":"10.22574/jmid.2019.11.002","DOIUrl":"https://doi.org/10.22574/jmid.2019.11.002","url":null,"abstract":"In this paper, we propose an equality measure for allocation mechanisms with budget constraints to describe the difference in object obtaining opportunities among buyers with different budget ranks. We evaluate allocation mechanisms not only from the perspective of efficiency and revenue, but also with the criterion of equality. As an application of this new evaluation criterion -- the equality measure, we study the vehicle license allocation problem in China, introduce a class of hybrid auction-lottery mechanisms, and evaluate China's vehicle license allocation in a unified framework from the criteria of efficiency, equality, and revenue.","PeriodicalId":32451,"journal":{"name":"Journal of Mechanism and Institution Design","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43415403","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-12-12DOI: 10.22574/JMID.2018.12.005
Jingang Zhao
This paper makes three advances: 1) It fixes the empty-core problem of the Coase theorem; 2) it provides the smallest upper bound of transaction costs below which the optimal or efficient outcomes can be achieved; and 3) it establishes two mathematical theorems that capture the main insights and major aspects of the Coase theorem. A simpler version of the theorems says that in a coalitional production economy without transaction costs, the maximal payoff will be produced by the optimal firms and be allocated in the always non-empty core.
{"title":"A Reexamination of the Coase Theorem","authors":"Jingang Zhao","doi":"10.22574/JMID.2018.12.005","DOIUrl":"https://doi.org/10.22574/JMID.2018.12.005","url":null,"abstract":"This paper makes three advances: 1) It fixes the empty-core problem of the Coase theorem; 2) it provides the smallest upper bound of transaction costs below which the optimal or efficient outcomes can be achieved; and 3) it establishes two mathematical theorems that capture the main insights and major aspects of the Coase theorem. A simpler version of the theorems says that in a coalitional production economy without transaction costs, the maximal payoff will be produced by the optimal firms and be allocated in the always non-empty core.","PeriodicalId":32451,"journal":{"name":"Journal of Mechanism and Institution Design","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42861051","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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