Here's a concise comparison of strategies for allocating scarce resources:
Price: Resources go to those willing to pay the highest price; efficient but can lead to inequality.
Majority Rule: Decisions made by the majority; democratic but may not consider minority needs.
Contest: Competition based on merit; can reward skill but may leave some out.
Force: Resources taken by coercion; unjust and can lead to conflict.
Sharing: Resources distributed evenly; promotes equity but may not be efficient.
Lottery: Random allocation; fair but not based on need or merit.
Authority: Allocation by a central authority; can be efficient but may lack input from others.
First-Come-First-Served: Based on order of arrival; simple but may not be fair or efficient.
Personal Characteristics: Allocation based on specific traits; can be discriminatory and may not address actual need.
I hope this helped!
~~~Harsha~~~