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Some models of stochastic planning mechanisms

Ülo Ennuste
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Ülo Ennuste: Institute of Economics, Tallinn

Finnish Economic Papers, 1989, vol. 2, issue 2, pages 116-124

Abstract: Alternative models of stochastic planning mechanisms of an abstract socialist economy are studied. The mechanisms are based on the decentralization of the initial optimal planning model. The main attention is paid to mixed stochastic coordination (prices and limits) of agents with Benassy's (1986) competitive mechanism. The implementation of optimal plans is demonstrated. The models of mechanisms studied are theoretically interesting, but they are oversimplified for practical results, and in order to come closer to reality, a more realistic set of assumptions should be made as a starting point.

Date: 1989
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