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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- Hurwicz, Leonid & Majumdar, Mukul, 1988. "Optimal intertemporal allocation mechanisms and decentralization of decisions," Journal of Economic Theory, Elsevier, vol. 45(2), pages 228-261, August.
- Dasgupta, Swapan & Mitra, Tapan, 1988. "Characterization of intertemporal optimality in terms of decentralizable conditions: The discounted case," Journal of Economic Theory, Elsevier, vol. 45(2), pages 274-287, August.
- 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.
- 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.
- Reiter, S. & Simon, C., 1990.
"Decentralized Dynamic Processes for Finding Equilibrium,"
90-20, Michigan - Center for Research on Economic & Social Theory.
- Reiter, Stanley & Simon, Carl P., 1992. "Decentralized dynamic processes for finding equilibrium," Journal of Economic Theory, Elsevier, vol. 56(2), pages 400-425, April.
- Stanley Reiter & Carl P. Simon, 1990. "Decentralized Dynamic Processes for Finding Equilibrium," Discussion Papers 865, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- 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.
- Cass, David & Majumdar, Mukul., . "Efficient Intertemporal Allocation, Consumption-Value Maximization and Capital-Value Transversality: A Unified View," Working Papers 238, California Institute of Technology, Division of the Humanities and Social Sciences.
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