The efficiency of resource allocation is often analyzed in static frameworks with a focus on the cross … important in assessing the efficiency properties of different allocation mechanisms. This paper uses a dynamic model to … empirically quantify the efficiency outcome of using lotteries to allocate scarce resources among forward-looking consumers. In …

driving the reallocation decision and how these forces interact with external capital market stress. The frictions in internal …

result of the resource reallocation, aggregate firm-wide productivity increases, suggesting that the reallocation is …

result, input choices may differ systematically across firms in ways that are unrelated to their productive efficiency. We … relatively modest loss in efficiency due to resource misallocation--on the order of 1 to 2 percent of measured total factor … assumption that financial distortions and firm-level efficiency are jointly log-normally distributed. To take into account the …

is larger that what would be justified solely on the basis of production efficiency, but not drastically so. As a rough … summary, in U.S. data top to bottom spending ratios are about 1.5 for most of the life cycle. Efficiency implies a decline …

growth, reallocation and creative destruction, consistent with the predictions of Schumpeterian growth models. Aggregating …