The classic papers of Malinvaud and Samuelson pointed out that even in »classical> infinite horizon economies a competitive program of resource allocation need not be efficient or Pareto optimal. This led to the more general question of designing allocation mechanisms in the sense of Hurwicz that are decentralized intertemporally and have appealing normative properties. The paper first reviews some recent results on this topic and goes on to survey properties ofevolutionary processes that do not involve communication with future agents.
Volume (Year): 4 (1991)
Issue (Month): 2 (Autumn)
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- McFadden, Daniel, 1975. "An example of the non-existence of Malinvaud prices in a tight economy," Journal of Mathematical Economics, Elsevier, vol. 2(1), pages 17-19, March.
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"A Necessary Condition for Decentralization and an Application to lntertemporal Allocation,"
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in: Decentralization in Infinite Horizon Economies, chapter 8, pages 119-151
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- 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.
- Herbert E. Scarf, 1959. "Some Examples of Global Instability of the Competitive Equilibrium," Cowles Foundation Discussion Papers 79, Cowles Foundation for Research in Economics, Yale University.
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