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Can we identify Walrasian allocations?

  • Antonio Manresa


    (Universitat de Barcelona i CREB, Avda. Diagonal 690, 08034 Barcelona, Spain)

We consider a discrete time, pure exchange infinite horizon economy with $ n\geq 2$ consumers and $\ell \geq 1$ consumption goods per period. Within the framework of decentralized mechanisms, we show that for any given consumption trade at any period of time, say at time one, the consumers will need in general an infinite dimensional (informational) space to identify such a trade as an intertemporal Walrasian one. However, we show a set of environments where the Walrasian trades at each period of time can be achieved as the equilibrium trades of a sequence of decentralized competitive mechanisms, using only both current prices and quantities to coordinate decisions.

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Article provided by Springer in its journal Review of Economic Design.

Volume (Year): 7 (2002)
Issue (Month): 1 ()
Pages: 57-73

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Handle: RePEc:spr:reecde:v:7:y:2002:i:1:p:57-73
Note: Received: 1 December 1999 / Accepted: 31 October 2000
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  1. Kenneth Mount & Stanley Reiter, 1973. "The Informational Size of Message Spaces," Discussion Papers 3, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  2. Hurwicz, Leonid & Weinberger, Hans F., 1990. "A necessary condition for decentralization and an application to intertemporal allocation," Journal of Economic Theory, Elsevier, vol. 51(2), pages 313-345, August.
  3. Kehoe, Timothy J & Levine, David K, 1985. "Comparative Statics and Perfect Foresight in Infinite Horizon Economies," Econometrica, Econometric Society, vol. 53(2), pages 433-53, March.
  4. Bala, V. & Majumdar, M. & Mitra, T., 1990. "Decentralized Evolutionary Mechanisms For Intertemporal Economies - A Possibility Result," Papers 422, Cornell - Department of Economics.
  5. Aizpurua, Jose & Manresa, Antonio, 1993. "An infinite dimensional extension of the theory of decentralized mechanisms," Mathematical Social Sciences, Elsevier, vol. 26(2), pages 157-173, September.
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