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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