Decentralization In Infinite Horizon Economies

by Mukul Majumdar

Overview

This book summarizes some issues involved in developing a theory of decentralized resource allocation mechanism in infinite horizon economies. It constitutes a definitive account of cutting-edge research on a topic of continuing importance in price theory. .

Product Details

ISBN-13:	9780367165819
Publisher:	CRC Press
Publication date:	10/31/2022
Pages:	204
Product dimensions:	5.75(w) x 9.00(h) x (d)

Table of Contents

Decentralization in Infinite Horizon Economies: An Introduction; Optimal Intertemporal Allocation Mechanisms and Decentralization of Decisions; On Characterizing Optimal Competitive Programs in Terms of Decentralizable Conditions; Characterization of Intertemporal Optimality in Terms of Decentralizable Conditions: The Discounted Case; On Characterizing Optimality of Stochastic Competitive Processes; A Characterization of Infinite Horizon Optimality in Terms of Finite Horizon Optimality and a Critical Stock Condition; A Necessary Condition for Decentralization and an Application to Intertemporal Allocation; Decentralized Evolutionary Mechanisms for Intertemporal Economies: A Possibility Result; Complements and Details

Editorial Reviews

Economists understand pretty well how a decentralized price system works in limited economies, but not what would happen if one operated through time with no definite terminal date. They lie awake, wondering whether they have left the back door open to their otherwise tidy theory. An overview of the problem is followed by nine perspectives, some saying it would work just fine, other saying it wouldn't. No index. Annotation c. Book News, Inc., Portland, OR (booknews.com)

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