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Public Ownership: Three Proposals for Resource Allocation

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dc.contributor.author Roemer, John E.
dc.contributor.author Silvestre, Joaquim
dc.date.accessioned 2009-09-25T18:31:14Z
dc.date.available 2009-09-25T18:31:14Z
dc.date.issued 1989 en_US
dc.identifier.uri https://hdl.handle.net/10535/4971
dc.description.abstract "While there is a quite clear picture of the rights that private ownership bestows upon the owner, it is not clear what property rights the public have by virtue of their owning a thing collectively. We ask: how should a planner, whose job is to respect public ownership of some productive assets, in conjunction with private ownership of some inputs, allocate resources? We insist throughout on the desideratum that: (1) the final allocation be Pareto efficient. We propose three additional desiderata: (2) equal division of benefits derived from public ownership; (3) equal returns to the use of privately owned inputs; (4) universal gain from improvements in the publicly owned asset. No more than one of (2). (3) and (4) is in general compatible with (1). Each of the three compatible pairs of desiderata characterizes a proposal for public ownership. We call the equal benefit solution the one characterized by (1)-(2). the proportional solution the one characterized by (1)-(3) and the constant returns equivalent mechanism the one characterized by (1)-(4). A discussion of these ideas in different institutions (a publicly owned firm, a cooperative and a common pool resource) leads us to advocate the proportional solution. Our main formal results are (a) the existence of proportional solutions in convex economies with arbitrary consumption sets and many inputs, outputs and firms and (B) the axiomatic characterization of the constant returns equivalent mechanism. Some simulations illustrate a surprising similarity between the proportional solution and the constant returns equivalent mechanism." en_US
dc.language English en_US
dc.relation.ispartofseries Working Paper Series, no. 307 en_US
dc.subject cooperatives en_US
dc.subject common pool resources en_US
dc.subject public goods and bads en_US
dc.title Public Ownership: Three Proposals for Resource Allocation en_US
dc.type Working Paper en_US
dc.type.methodology Case Study en_US
dc.subject.sector General & Multiple Resources en_US


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