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The Mortensen rule and efficient coordination unemployment [An article from: Economics Letters]
Book Details
Author(s)B. Julien, J. Kennes, I. King
PublisherElsevier
ISBN / ASINB000RR58FI
ISBN-13978B000RR58F9
MarketplaceFrance 🇫🇷
Description
This digital document is a journal article from Economics Letters, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
We apply the efficiency axioms of [Mortensen, D. (1982). Efficiency of mating, racing and related games. American Economic Review, 72 968-979.] to a set of matching games involving coordination frictions between buyers. These games include markets with finite numbers of buyers and sellers and markets with infinite numbers of heterogeneous buyers and homogenous sellers. We show that the Mortensen rule, but not the Hosios rule, gives constrained efficient allocations. We also show that the Mortensen rule is implemented by a simple auction.
Description:
We apply the efficiency axioms of [Mortensen, D. (1982). Efficiency of mating, racing and related games. American Economic Review, 72 968-979.] to a set of matching games involving coordination frictions between buyers. These games include markets with finite numbers of buyers and sellers and markets with infinite numbers of heterogeneous buyers and homogenous sellers. We show that the Mortensen rule, but not the Hosios rule, gives constrained efficient allocations. We also show that the Mortensen rule is implemented by a simple auction.
