Stochastic rationing when the market does not clear draws attention because both Dreze (1975) and Benassy (1975 …. His stochastic rationing depends on all the individual effective demands. It is too vague to characterize a rationing … (1978) to characterizing the rationing scheme as the individual effective demand times the rationing number which is a …

by Dreze. This is why recent authors in disequilibrium analysis study the stochastic rationing mechanism. Douglas Gale … proved the existence of the equilibrium with stochastic rationing mechanism. However, Gale 's rationing mechanism requires an …. Green examined a rationing scheme which depends only on the individual effective demand and the aggregate signals. However …

Common resources may be managed with inefficient policies for the sake of equity. We study how rationing the commons … that rationing binds on input use, such that farmers, despite trivial prices for water extraction, use roughly the socially … optimal amount of water on average. The rationing regime is still grossly inefficient, because it misallocates water across …

This paper investigates whether the minimum wage leads to inefficient job rationing. By not allowing wages to clear the … rationing by examining whether the reservation wages of employed unskilled workers in states where the 1990-1991 federal minimum …