Optimal lntertemporal Allocation Mechanisms and Decentralization of Decisions

Leonid Hurwicz and Mukul Majumdar

Chapter 2 in Decentralization in Infinite Horizon Economies, 2015, pp 12-45 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Problems of achieving an efficient or optimal allocation of resources through a system of decentralized decision-making when the planning horizon is unbounded and the number of agents is infinite have been repeatedly raised, but have not been explored in a formal manner. The objective of this paper is to suggest some points of departure for a systematic investigation of such questions. The main analytical results indicate the impossibility of attaining optimality through intertemporally decentralized mechanisms.

Keywords: Efficient Allocations; Optimal Growth; Transversality Conditions; Decentralization; Mechanism Design; Rolling Plans (search for similar items in EconPapers)
Date: 2015
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Journal Article: Optimal intertemporal allocation mechanisms and decentralization of decisions (1988)
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