Planning under Incomplete Information and the Ratchet Effect
- 1 April 1985
- journal article
- Published by Oxford University Press (OUP) in The Review of Economic Studies
- Vol. 52 (2) , 173-191
- https://doi.org/10.2307/2297615
Abstract
Central planning of production is usually performed under asymmetric information which leads to use of an incentive scheme. As the planner revises thKeywords
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