Efficient Decentralisation with a Transferable Good
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.
Volume (Year): 50 (1983)
Issue (Month): 2 ()
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