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Decentralization in Infinite Horizon Economies: An Introduction

In: Decentralization in Infinite Horizon Economies

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  • MUKUL MAJUMDAR

Abstract

The paper summarizes some issues involved in developing a theory of decentralized resource allocation mechanism in infinite horizon economies. Even in a classical environment, a competitive mechanism may lead to an inefficient or non-optimal allocation for an infinite horizon economy. It remains, however, to explore whether the usual price-quantity messages can be supplemented to design decentralized mechanisms generating optimal outcomes.

Suggested Citation

  • Mukul Majumdar, 2015. "Decentralization in Infinite Horizon Economies: An Introduction," World Scientific Book Chapters, in: Mukul Majumdar (ed.), Decentralization in Infinite Horizon Economies, chapter 1, pages 1-11, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814699631_0001
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