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Optimal lntertemporal Allocation Mechanisms and Decentralization of Decisions

In: Decentralization in Infinite Horizon Economies

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  • LEONID HURWICZ
  • MUKUL MAJUMDAR

Abstract

Problems of achieving an efficient or optimal allocation of resources through a system of decentralized decision-making when the planning horizon is unbounded and the number of agents is infinite have been repeatedly raised, but have not been explored in a formal manner. The objective of this paper is to suggest some points of departure for a systematic investigation of such questions. The main analytical results indicate the impossibility of attaining optimality through intertemporally decentralized mechanisms.

Suggested Citation

  • 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..
  • Handle: RePEc:wsi:wschap:9789814699631_0002
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    Cited by:

    1. Calsamiglia, Xavier & Kirman, Alan, 1993. "A Unique Informationally Efficient and Decentralized Mechanism with Fair Outcomes," Econometrica, Econometric Society, vol. 61(5), pages 1147-1172, September.
    2. Mukul Majumdar & Tapan Mitra, 1991. "Intertemporal decentralization," Finnish Economic Papers, Finnish Economic Association, vol. 4(2), pages 79-103, Autumn.
    3. Venkatesh Bala & Mukul Majumdar & Tapan Mitra, 1991. "Decentralized evolutionary mechanisms for intertemporal economies: A possibility result," Journal of Economics, Springer, vol. 53(1), pages 1-29, February.
    4. Majumdar, Mukul, 2009. "Equilibrium and optimality: Some imprints of David Gale," Games and Economic Behavior, Elsevier, vol. 66(2), pages 607-626, July.

    More about this item

    Keywords

    Efficient Allocations; Optimal Growth; Transversality Conditions; Decentralization; Mechanism Design; Rolling Plans;

    JEL classification:

    • D00 - Microeconomics - - General - - - General
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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