发表机构
School of Management and Economics, The Chinese University of Hong Kong, Shenzhen（香港中文大学（深圳）经管学院）
机构由 AI 辅助整理，请以论文原文为准。AI 中文总结
本文提出一个在市场均衡下进行个体化补贴分配的框架，证明福利函数超模性，实现多项式时间优化，并刻画普遍与定向补贴的最优条件及统计保证，以菲律宾数据验证。
AI 中文摘要
本文开发了一个框架，用于在干预措施改变均衡价格并在受处理与未受处理单位之间产生溢出效应时进行个体化处理分配。规划者选择哪些单位获得补贴，同时允许均衡价格内生调整。我们证明，在广泛且可解释的条件下，由此产生的福利函数是超模的，这意味着处理分配之间存在互补性，并能够实现精确的多项式时间优化。这一结构阐明了均衡溢出效应如何塑造普遍分配与定向分配之间的权衡，并使规划者的问题在单位间存在相互作用的情况下仍具有计算可行性。我们刻画了普遍补贴或定向补贴何时最优，并展示了市场条件和异质性如何影响最优分配。我们进一步在需求与供给的估计不确定性下，为插入式分配建立了统计保证。最后，我们在一个使用菲律宾家庭支出数据校准的优惠券分配问题中展示了该框架。
英文摘要
This paper develops a framework for individualized treatment allocation when interventions shift equilibrium prices and generate spillovers across treated and untreated units. The planner chooses which units receive a subsidy while allowing equilibrium prices to adjust endogenously. We show that the resulting welfare function is supermodular under broad and interpretable conditions, implying complementarity across treatment assignments and enabling exact polynomial-time optimization. This structure clarifies how equilibrium spillovers shape the trade-off between universal and targeted distribution and makes the planner's problem computationally tractable despite interactions across units. We characterize when universal or targeted subsidies are optimal and show how market conditions and heterogeneity shape the optimal allocation. We further establish statistical guarantees for plug-in allocation under estimation uncertainty in demand and supply. Finally, we illustrate the framework in a coupon allocation problem calibrated with household expenditure data from the Philippines.
