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On Characterizing Optimality of Stochastic Competitive Processes

Yaw Nyarko

Chapter 6 in Decentralization in Infinite Horizon Economies, 2015, pp 100-113 from World Scientific Publishing Co. Pte. Ltd.

Abstract: A condition is provided to replace the transversality condition in characterizing the optimality of competitive processes. This extends the work of W. Brock, L. Hurwicz, and M. Majumdar (“On Characterizing Optimality of Competitive Programs in Terms of Decentralizable Conditions” and “Optimal lntertemporal Allocation Mechanisms and Decentralization of Decisions,” Cornell University Working Paper Nos. 333 and 369 (1985)) on providing an informationally decentralizable condition for characterizing optimality in stochastic infinite-horizon models without discounting.

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: On characterizing optimality of stochastic competitive processes (1988) Downloads
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