Demand uncertainty, incomplete markets, and the optimality of rationing
成果类型：
Article
署名作者：
Peck, J
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.0093
发表日期：
1996
页码：
342-363
关键词：
摘要：
When the arrival of traders at the market is stochastic, and it is impossible for traders who might arrive to meet ex ante, then Walrasian spot-market clearing presents consumers with price-risk and is typically not Pareto optimal. Instead. with an indivisible good and a divisible numeraire, the first-best can be achieved by an ''Exchange'' selling raffle tickers at a fixed price. When only spot market trading is feasible and consumers cannot commit to pay unless they purchase the indivisible good, efficiency implies price-fixing with rationing. potential disadvantages of black markets and scalping are discussed. (C) 1996 Academic Press, Inc.
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