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The Price System vs. Rationing: An Extension

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  • Francisco Rivera-Batiz

Abstract

Elaborating on the analysis of Weitzman, this note examines how the comparative effectiveness of the price system vs. rationing is affected when planners face a cubic loss function. It is shown that the comparative advantage of the price system over rationing will depend on the skewness of income distribution as well as on the aversion of the planners towards underfulfillment of the consumers' allocation plan.

Suggested Citation

  • Francisco Rivera-Batiz, 1981. "The Price System vs. Rationing: An Extension," Bell Journal of Economics, The RAND Corporation, vol. 12(1), pages 245-248, Spring.
    • Handle: RePEc:rje:bellje:v:12:y:1981:i:spring:p:245-248
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    Cited by:

    1. Alistair Munro, 2020. "Is the Price System or Rationing More Effective in Getting a Mask to Those Who Need It Most?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 76(4), pages 655-663, August.

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