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On Characterizing Optimality of Stochastic Competitive Processes

In: Decentralization in Infinite Horizon Economies

Author

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  • YAW NYARKO

Abstract

A condition is provided to replace the transversality condition in characterizing the optimality of competitive processes. This extends the work of W. Brock, L. Hurwicz, and M. Majumdar (“On Characterizing Optimality of Competitive Programs in Terms of Decentralizable Conditions” and “Optimal lntertemporal Allocation Mechanisms and Decentralization of Decisions,” Cornell University Working Paper Nos. 333 and 369 (1985)) on providing an informationally decentralizable condition for characterizing optimality in stochastic infinite-horizon models without discounting.

Suggested Citation

  • Yaw Nyarko, 2015. "On Characterizing Optimality of Stochastic Competitive Processes," World Scientific Book Chapters, in: Mukul Majumdar (ed.), Decentralization in Infinite Horizon Economies, chapter 6, pages 100-113, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814699631_0006
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    Cited by:

    1. Tapan Mitra & Santanu Roy, 2022. "Propensity to consume and the optimality of Ramsey–Euler policies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 73(1), pages 55-89, February.
    2. Mitra, Tapan & Roy, Santanu, 2017. "Optimality of Ramsey–Euler policy in the stochastic growth model," Journal of Economic Theory, Elsevier, vol. 172(C), pages 1-25.

    More about this item

    Keywords

    Efficient Allocations; Optimal Growth; Transversality Conditions; Decentralization; Mechanism Design; Rolling Plans;
    All these keywords.

    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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