Can we identify Walrasian allocations?
We consider a discrete time, pure exchange infinite horizon economy with two or more consumers and at least one concumption good per period. Within the framework of decentralized mechanisms, we show that for a given consumption trade at any period of time, say at time one, the consumers will need, in general, an infinite dimensional (informational) space to identigy such a trade as an intemporal Walrasian one. However, we show and characterize a set of enviroments 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.
|Date of creation:||1998|
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- Leonid Hurwicz & Hans F. Weinberger, 2015.
"A Necessary Condition for Decentralization and an Application to lntertemporal Allocation,"
World Scientific Book Chapters,in: Decentralization in Infinite Horizon Economies, chapter 8, pages 119-151
World Scientific Publishing Co. Pte. Ltd..
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- Mount, Kenneth & Reiter, Stanley, 1974. "The informational size of message spaces," Journal of Economic Theory, Elsevier, vol. 8(2), pages 161-192, June.
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- 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.
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- 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. Full references (including those not matched with items on IDEAS)
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