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"The Cost of Communication in Economic Organization: II," Chapter 7 of W. Heller, R. Star, and D. Starrett (eds.), Uncertainty, Information, and Communication: Essays in Honor of Kenneth J. Arrow, Volume III, Cambridge University Press, 1986, July, pp.191-212.

• [Outline]
• [Keywords]
• [Full Text]

[Outline]

This paper presents a model for comparing the cost of communication arising from internal adjustments for efficient allocation of resources in a centralized system and market mechanism. The model is formulated by using continuous functions in contrast to Oniki [1974], in which discrete approximation was used.

[Keywords]

economic organization, resource allocation, cost of internal communication, cost of adjustments, socialist controversies, information measure, computational complexities, Shannon measure

[Full Text]

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