On characterizing optimality of stochastic competitive processes
A condition is provided to replace the transversality condition in characterizing the optimality of competitive processes. This extends the work of W. Brock, L. Hurwicz, and M. Majumdar (“On Characterizing Optimality of Competitive Programs in Terms of Decentralizable Conditions” and “Optimal lntertemporal Allocation Mechanisms and Decentralization of Decisions,” Cornell University Working Paper Nos. 333 and 369 (1985)) on providing an informationally decentralizable condition for characterizing optimality in stochastic infinite-horizon models without discounting.
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