Economic efficiency requires interaction

Games and Economic Behavior, pp. 589-608, 2019.

Cited by: 0|Bibtex|Views6|DOI:https://doi.org/10.1016/j.geb.2018.02.010
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Abstract:

We study the necessity of interaction between individuals for obtaining approximately efficient economic allocations. We view this as a formalization of Hayek's classic point of view that focuses on the information transfer advantages that markets have relative to centralized planning. We study two settings: combinatorial auctions with un...More

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