A Necessary Condition for Decentralization and an Application to lntertemporal Allocation

Leonid Hurwicz and Hans F. Weinberger

Chapter 8 in Decentralization in Infinite Horizon Economies, 2015, pp 119-151 from World Scientific Publishing Co. Pte. Ltd.

Abstract: A necessary condition for realization by a decentralized finite-dimensional mechanism is proved. The concepts of the realization of a time sequence of allocations by a decentralized temporal process and by the particular more realistic class of decentralized evolutionary temporal processes are defined. The above condition shows that the optimal allocation in a simple model for intertemporal production and consumption can be realized by a decentralized temporal process but not by a decentralized evolutionary process which uses either a finite number of verification conditions or a finite-dimensional message space.

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: A necessary condition for decentralization and an application to intertemporal allocation (1990)
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