Essays in Optimal Resource Allocation under Uncertainty with Capacity Constraints

Author: Hoffman, Elizabeth

Year: 1979

Degree: Dissertation (Ph.D.)

Advisor: Quirk, James P.

Committee Member: Unknown, Unknown

Option: Social Science

DOI: 10.7907/qw1g-4b75

Abstract

This thesis brings together four papers on optimal resource allocation under uncertainty with capacity constraints.
The first is an extension of the Arrow-Debreu contingent claim model to a good subject to supply uncertainty for which delivery capacity has to be chosen before the uncertainty is resolved. The second compares an ex-ante contingent claims market to a dynamic market in which capacity is chosen ex-ante and output and consumption decisions are made ex-post. The third extends the analysis to a storable good subject to random supply. Finally, the fourth examines optimal allocation of water under an appropriative rights system.

Files

• Hoffman_e_1979.pdf (application/pdf)