The Efficiency of the Price System : Evidence from an Alternative Market

Most economists take it for granted that a price mechanism is usually the most effective means of resource allocation. This paper compares two methods of allocating resources in the thoroughbred racing market: a price mechanism and bureaucratic restrictions. It is shown that a simple price mechanism does a superior job of allocating racing ability than a myriad of conditions and restrictions set by even a highly informed expert

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Year of publication:	[2003]
Authors:	Chou, Nan-Ting
Other Persons:	DeGennaro, Ramon P. (contributor) ; Sauer, Raymond D. (contributor)
Publisher:	[2003]: [S.l.] : SSRN

Extent:	1 Online-Ressource (10 p)
Type of publication:	Book / Working Paper
Other identifiers:	10.2139/ssrn.371760 [DOI]
Classification:	A1 - General Economics ; D4 - Market Structure and Pricing ; G0 - Financial Economics. General ; L8 - Industry Studies: Services ; P0 - Economic Systems. General ; P5 - Comparative Economic Systems
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012740121