Decentralization in Infinite Horizon Economies: An Introduction

Mukul Majumdar

Chapter 1 in Decentralization in Infinite Horizon Economies, 2015, pp 1-11 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The paper summarizes some issues involved in developing a theory of decentralized resource allocation mechanism in infinite horizon economies. Even in a classical environment, a competitive mechanism may lead to an inefficient or non-optimal allocation for an infinite horizon economy. It remains, however, to explore whether the usual price-quantity messages can be supplemented to design decentralized mechanisms generating optimal outcomes.

Keywords: Efficient Allocations; Optimal Growth; Transversality Conditions; Decentralization; Mechanism Design; Rolling Plans (search for similar items in EconPapers)
Date: 2015
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