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 & Weinberger, Hans F., 1990.
"A necessary condition for decentralization and an application to intertemporal allocation,"
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- 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..
- 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..
- 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.
- 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.
- Stanley Reiter & Carl P. Simon, 1990.
"Decentralized Dynamic Processes for Finding Equilibrium,"
865, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Reiter, Stanley & Simon, Carl P., 1992. "Decentralized dynamic processes for finding equilibrium," Journal of Economic Theory, Elsevier, vol. 56(2), pages 400-425, April.
- Reiter, S. & Simon, C., 1990. "Decentralized Dynamic Processes for Finding Equilibrium," Papers 90-20, Michigan - Center for Research on Economic & Social Theory.
- 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.
- 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.
- 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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