Managing scarcity to serve the public interest is a classic government task. An important way to execute this task is by allocating individual rights that are only available in limited quantities, such as CO2 emission allowances, gambling licences, subsidies, radio frequencies, public contracts and parking permits.

Managing scarcity to serve the public interest is a classic government task. An important way to execute this task is by allocating individual rights that are only available in limited quantities, such as CO2 emission allowances, gambling licences, subsidies, radio frequencies, public contracts and parking permits.