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Efficient Decentralisation with a Transferable Good


  • M. J. Browning


There are many situations where agents supply input factors and produce a transferable good (money). This paper examines the conditions on technology under which agents can specify reward schedules which lead to an efficient outcome even if inputs are chosen non-cooperatively and preferences are private information. The characterisation of the class of technologies that allows this involves a generalization of additivity known as (n − 1)-additivity.

Suggested Citation

  • M. J. Browning, 1983. "Efficient Decentralisation with a Transferable Good," Review of Economic Studies, Oxford University Press, vol. 50(2), pages 375-381.
  • Handle: RePEc:oup:restud:v:50:y:1983:i:2:p:375-381.

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    References listed on IDEAS

    1. Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 50(1), pages 97-109, January.
    2. Peter Cramton, 1985. "Sequential Bargaining Mechanisms," Papers of Peter Cramton 85roth, University of Maryland, Department of Economics - Peter Cramton, revised 09 Jun 1998.
    3. Kreps, David M & Wilson, Robert, 1982. "Sequential Equilibria," Econometrica, Econometric Society, vol. 50(4), pages 863-894, July.
    4. Ausubel, Lawrence M. & Cramton, Peter & Deneckere, Raymond J., 2002. "Bargaining with incomplete information," Handbook of Game Theory with Economic Applications,in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 3, chapter 50, pages 1897-1945 Elsevier.
    5. Holmstrom, Bengt & Myerson, Roger B, 1983. "Efficient and Durable Decision Rules with Incomplete Information," Econometrica, Econometric Society, vol. 51(6), pages 1799-1819, November.
    6. Myerson, Roger B. & Satterthwaite, Mark A., 1983. "Efficient mechanisms for bilateral trading," Journal of Economic Theory, Elsevier, vol. 29(2), pages 265-281, April.
    7. Drew Fudenberg & David Levine, 1982. "Sequential Equilibria of Finite and Infinite Horizon Games," UCLA Economics Working Papers 242, UCLA Department of Economics.
    8. Drew Fudenberg & Jean Tirole, 1983. "Sequential Bargaining with Incomplete Information," Review of Economic Studies, Oxford University Press, vol. 50(2), pages 221-247.
    9. Joel Sobel & Ichiro Takahashi, 1983. "A Multistage Model of Bargaining," Review of Economic Studies, Oxford University Press, vol. 50(3), pages 411-426.
    10. Drew Fudenberg & David K. Levine & Jean Tirole, 1985. "Infinite-Horizon Models of Bargaining with One-Sided Incomplete Information," Levine's Working Paper Archive 1098, David K. Levine.
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    Cited by:

    1. Beviá, Carmen & Corchón, Luis C., 2009. "Cooperative production and efficiency," Mathematical Social Sciences, Elsevier, vol. 57(2), pages 143-154, March.
    2. James Fenske & Vellore Arthi, 2013. "Labour and Health in Colonial Nigeria," Economics Series Working Papers Number 114, University of Oxford, Department of Economics.
    3. Arthi, Vellore & Fenske, James, 2016. "Intra-household labor allocation in colonial Nigeria," Explorations in Economic History, Elsevier, vol. 60(C), pages 69-92.

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