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A fundamental question in economics since the 1930s has been whether an administrative price system could simulate the results of perfect competition even without a true market for the means of production. The theoretical possibility of such a system has been known since the introduction of...
Persistent link: https://www.econbiz.de/10013153383
The natural experiment of voucher privatization in the Czech Republic is used to test whether prices that were adjusted in a limited number of discrete steps based primarily on the extent of excess demand or supply are able to fully reflect both public and private information. Early in the...
Persistent link: https://www.econbiz.de/10013148713
A fundamental question in economics since the 1930s has been whether an administrative price system could simulate the results of perfect competition even without a true market for the means of production. The theoretical possibility of such a system has been known since the introduction of...
Persistent link: https://www.econbiz.de/10014134001
The natural experiment of voucher privatization in the Czech Republic is used to test whether prices that were adjusted in a limited number of discrete steps based primarily on the extent of excess demand or supply are able to fully reflect both public and private information. The eventual...
Persistent link: https://www.econbiz.de/10014050582