Description
This powerpoint presentation begins by presenting the problem statement: water allocation increasingly relevant. The All-in Auction is presented as a solution. Compared to autarky and bilateral trades, multilateral two-sidedauctions clear faster and have greater efficiency. However, they may not maximize trades if either of the following istrue: participation – some sellers do not enter the auction to trade; and,endowment – some sellers have WTA > p > WTP. The AiA solves these problems by:participation – all rights in the auction (weakened property rights); and,endowment – having everyone bid for units in a bid-only auction. Interesting pricing complications are presented, along with lab experiments and field work.
Product Details
- Edition:
- Vol. – No.
- Published:
- 11/01/2009
- Number of Pages:
- 31
- File Size:
- 1 file , 1 MB
- Note:
- This product is unavailable in Ukraine, Russia, Belarus
