Journal Article Vertical and Horizontal Communication in Economic Processes Get access Robert L. Welch Robert L. Welch University of Kentucky Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 47, Issue 4, July 1980, Pages 733–746, https://doi.org/10.2307/2296939 Published: 01 July 1980 Article history Received: 01 July 1976 Received: 01 September 1979 Published: 01 July 1980

[A process which combines a planning procedure for the allocation of final products and a multilateral nonrecontracting trading process for allocating primary and intermediate goods is defined and shown to satisfy Malinvaud's criteria for evaluating planning procedures. Central processing costs are lower than in the Malinvaud procedure since the central planner only collects information on final products.]