Abstract

http://ssrn.com/abstract=371760
 
 

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


Nan-Ting Chou


University of Louisville - College of Business - Department of Economics

Ramon P. DeGennaro


University of Tennessee, Knoxville - Department of Finance

Raymond D. Sauer


Clemson University - John E. Walker Department of Economics; National Bureau of Economic Research (NBER)



Abstract:     
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.

Number of Pages in PDF File: 10

Keywords: Resource allocation, racing, thoroughbred

JEL Classification: A1, D4, G0, L8, P0, P5

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Date posted: April 8, 2003  

Suggested Citation

Chou, Nan-Ting and DeGennaro, Ramon P. and Sauer, Raymond D., The Efficiency of the Price System: Evidence from an Alternative Market. Available at SSRN: http://ssrn.com/abstract=371760 or http://dx.doi.org/10.2139/ssrn.371760

Contact Information

Nan-Ting Chou
University of Louisville - College of Business - Department of Economics ( email )
Louisville, KY 40292
United States
Ramon P. DeGennaro (Contact Author)
University of Tennessee, Knoxville - Department of Finance ( email )
423 Stokely Management Center
Knoxville, TN 37996
United States
865-974-1726 (Phone)
865-974-1716 (Fax)
Raymond D. OSkipo Sauer
Clemson University - John E. Walker Department of Economics ( email )
Clemson, SC 29634
United States
864-656-3939 (Phone)
864-656-4192 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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