Alternative Decision‐Making Models for Housing: The Question of Efficiency
比较了市场、中央计划和福利国家三种住房资源配置模型的效率，指出住房市场失灵的范围比通常认为的小，价格机制是住房系统合理运行的关键。
SUMMARY This paper examines the efficiency of housing resources allocation under alternative allocative mechanisms. The study focuses on three broadly defined decision‐making models: (1) the market model; (2) the central planning model; (3) the welfare state model. Particular attention is given the three fundamental components of economic organization; (1) the decision‐making structure; (2) the information structure; (3) the motivation structure. While this policy study makes use of the theory of market failure, the analysis departs from conventional practice by explicitly and consistently employing a comparative institution framework. That is, a theory of nonmarket failure is integrated into the analysis and policy prescriptions derived only after careful assessment of the imperfections of real world housing markets in comparison with the imperfections of real world nonmarket housing models. The essential conclusion drawn is that the domain of housing market failure is smaller than generally assumed and that the price mechanism is a vital component of a rationally functioning housing system.