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Can we identify Walrasian allocations?

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  • Antonio Manresa

    ()
    (Universitat de Barcelona i CREB, Avda. Diagonal 690, 08034 Barcelona, Spain)

Abstract

We consider a discrete time, pure exchange infinite horizon economy with $ n\geq 2$ consumers and $\ell \geq 1$ consumption goods per period. Within the framework of decentralized mechanisms, we show that for any given consumption trade at any period of time, say at time one, the consumers will need in general an infinite dimensional (informational) space to identify such a trade as an intertemporal Walrasian one. However, we show a set of environments where the Walrasian trades at each period of time can be achieved as the equilibrium trades of a sequence of decentralized competitive mechanisms, using only both current prices and quantities to coordinate decisions.

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Bibliographic Info

Article provided by Springer in its journal Review of Economic Design.

Volume (Year): 7 (2002)
Issue (Month): 1 ()
Pages: 57-73

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Handle: RePEc:spr:reecde:v:7:y:2002:i:1:p:57-73

Note: Received: 1 December 1999 / Accepted: 31 October 2000
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Related research

Keywords: Walrasian allocation; informational decentralization; mechanism design;

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  1. Bala, V. & Majumdar, M. & Mitra, T., 1990. "Decentralized Evolutionary Mechanisms For Intertemporal Economies - A Possibility Result," Papers 422, Cornell - Department of Economics.
  2. Kehoe, Timothy J & Levine, David K, 1985. "Comparative Statics and Perfect Foresight in Infinite Horizon Economies," Econometrica, Econometric Society, vol. 53(2), pages 433-53, March.
  3. Aizpurua, Jose & Manresa, Antonio, 1993. "An infinite dimensional extension of the theory of decentralized mechanisms," Mathematical Social Sciences, Elsevier, vol. 26(2), pages 157-173, September.
  4. Mount, Kenneth & Reiter, Stanley, 1974. "The informational size of message spaces," Journal of Economic Theory, Elsevier, vol. 8(2), pages 161-192, June.
  5. Hurwicz, Leonid & Weinberger, Hans F., 1990. "A necessary condition for decentralization and an application to intertemporal allocation," Journal of Economic Theory, Elsevier, vol. 51(2), pages 313-345, August.
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