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Rights and Decentralized Computation


Hakan Holm


Lund University - Department of Economics

Metroeconomica, Vol. 55, No. 2-3, pp. 290-317, May 2004

Abstract:     
This paper emphasizes that rights facilitate decentralized use of information and computation. A dynamically efficient adjustment process that solves a private information linear resource allocation problem by a sequential auction of production and trading rights is presented. It is shown that in equilibrium the sequential auction mimics the simplex algorithm in a decentralized way and thereby gives it an institutional economic interpretation, where the structure of rights imposes restrictions on the problem sequentially.

Number of Pages in PDF File: 28

Accepted Paper Series


Date posted: July 4, 2004  

Suggested Citation

Holm, Hakan, Rights and Decentralized Computation. Metroeconomica, Vol. 55, No. 2-3, pp. 290-317, May 2004. Available at SSRN: http://ssrn.com/abstract=551218

Contact Information

Hakan Holm (Contact Author)
Lund University - Department of Economics ( email )
P.O. Box 7082
S-220 07 Lund
Sweden
Feedback to SSRN (Beta)


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