• Wendelin Schnedler
Part of the Contributions to Economics book series (CE)


Since the fundamental work of Walras (1874), markets have received particular attention by economists because they lead to an efficient allocation of goods and services. However, the proper functioning of markets rests on certain assumptions. For instance, the good or service which is to be traded must be clearly defined. This elementary requirement is often violated in reality, in particular when services are concerned.


Firm Performance Benefit Signal Incentive Scheme Efficient Allocation Track Length 


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Copyright information

© Springer-Verlag Berlin Heidelberg 2004

Authors and Affiliations

  • Wendelin Schnedler
    • 1
  1. 1.Department of Economics (CMPO)University of BristolBristolUK

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