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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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    References listed on IDEAS

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    1. Leonid Hurwicz & Hans F. Weinberger, 2015. "A Necessary Condition for Decentralization and an Application to lntertemporal Allocation," World Scientific Book Chapters,in: Decentralization in Infinite Horizon Economies, chapter 8, pages 119-151 World Scientific Publishing Co. Pte. Ltd..
    2. Leonid Hurwicz & Mukul Majumdar, 2015. "Optimal lntertemporal Allocation Mechanisms and Decentralization of Decisions," World Scientific Book Chapters,in: Decentralization in Infinite Horizon Economies, chapter 2, pages 12-45 World Scientific Publishing Co. Pte. Ltd..
    3. 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.
    4. Reiter, Stanley & Simon, Carl P., 1992. "Decentralized dynamic processes for finding equilibrium," Journal of Economic Theory, Elsevier, vol. 56(2), pages 400-425, April.
    5. 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.
    6. 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.
    7. Cass, David & Majumdar, Mukul., "undated". "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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    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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