Intertemporal decentralization

Mukul Majumdar and Tapan Mitra
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Mukul Majumdar: Cornell University, USA

Finnish Economic Papers, 1991, vol. 4, issue 2, 79-103

Abstract: The classic papers of Malinvaud and Samuelson pointed out that even in »classical> infinite horizon economies a competitive program of resource allocation need not be efficient or Pareto optimal. This led to the more general question of designing allocation mechanisms in the sense of Hurwicz that are decentralized intertemporally and have appealing normative properties. The paper first reviews some recent results on this topic and goes on to survey properties ofevolutionary processes that do not involve communication with future agents.

Date: 1991
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