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Intertemporal decentralization

Author

Listed:
  • Mukul Majumdar

    (Cornell University, USA)

  • Tapan Mitra

    (Cornell University, USA)

Abstract

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.

Suggested Citation

  • Mukul Majumdar & Tapan Mitra, 1991. "Intertemporal decentralization," Finnish Economic Papers, Finnish Economic Association, vol. 4(2), pages 79-103, Autumn.
    • Handle: RePEc:fep:journl:v:4:y:1991:i:2:p:79-103
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    File URL: http://taloustieteellinenyhdistys.fi/images/stories/fep/f1991_2a.pdf
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    References listed on IDEAS

    as
    1. William A. Brock & Mukul Majumdar, 2015. "On Characterizing Optimal Competitive Programs in Terms of Decentralizable Conditions," World Scientific Book Chapters, in: Mukul Majumdar (ed.), Decentralization in Infinite Horizon Economies, chapter 3, pages 46-57, World Scientific Publishing Co. Pte. Ltd..
    2. Leonid Hurwicz & Hans F. Weinberger, 2015. "A Necessary Condition for Decentralization and an Application to lntertemporal Allocation," World Scientific Book Chapters, in: Mukul Majumdar (ed.), Decentralization in Infinite Horizon Economies, chapter 8, pages 119-151, World Scientific Publishing Co. Pte. Ltd..
    3. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467-467.
    4. Leonid Hurwicz & Mukul Majumdar, 2015. "Optimal lntertemporal Allocation Mechanisms and Decentralization of Decisions," World Scientific Book Chapters, in: Mukul Majumdar (ed.), Decentralization in Infinite Horizon Economies, chapter 2, pages 12-45, World Scientific Publishing Co. Pte. Ltd..
    5. Mount, Kenneth & Reiter, Stanley, 1974. "The informational size of message spaces," Journal of Economic Theory, Elsevier, vol. 8(2), pages 161-192, June.
    6. Green, Jerry R. & Scheinkman, Josè Alexandre (ed.), 1979. "General Equilibrium, Growth, and Trade," Elsevier Monographs, Elsevier, edition 1, number 9780122987502.
    7. 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.
    8. Swapan Dasgupta & Tapan Mitra, 2015. "Characterization of lntertemporal Optimality in Terms of Decentralizable Conditions: The Discounted Case," World Scientific Book Chapters, in: Mukul Majumdar (ed.), Decentralization in Infinite Horizon Economies, chapter 4, pages 58-71, World Scientific Publishing Co. Pte. Ltd..
    9. Radner, Roy, 1970. "Problems in the Theory of Markets under Uncertainty," American Economic Review, American Economic Association, vol. 60(2), pages 454-460, May.
    10. E. Malinvaud, 1961. "The Analogy Between Atemporal and Intertemporal Theories of Resource Allocation," Review of Economic Studies, Oxford University Press, vol. 28(3), pages 143-160.
    11. Reiter, Stanley & Simon, Carl P., 1992. "Decentralized dynamic processes for finding equilibrium," Journal of Economic Theory, Elsevier, vol. 56(2), pages 400-425, April.
    12. Mukul Majumdar & Tapan Mitra & Yaw Nyarko, 1989. "Dynamic Optimization Under Uncertainty: Non-convex Feasible Set," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Joan Robinson and Modern Economic Theory, chapter 19, pages 545-590, Palgrave Macmillan.
    13. Malinvaud, Edmond, 1987. "The Overlapping Generations Model in 1947," Journal of Economic Literature, American Economic Association, vol. 25(1), pages 103-105, March.
    14. Majumdar, Mukul, 1970. "Some approximation theorems on efficiency prices for infinite programs," Journal of Economic Theory, Elsevier, vol. 2(4), pages 399-410, December.
    15. Starrett, David A, 1970. "The Efficiency of Competitive Programs," Econometrica, Econometric Society, vol. 38(5), pages 704-711, September.
    16. 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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    Cited by:

    1. Khan, M. Ali & Zaslavski, Alexander J., 2009. "On existence of optimal programs: The RSS model without concavity assumptions on felicities," Journal of Mathematical Economics, Elsevier, vol. 45(9-10), pages 624-633, September.

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