Decentralization in infinite horizon economies / editor, Mukul Majumdar.

Format:

Book

Contributor:

Majumdar, Mukul, 1944- editor.

Language:

English

Subjects (All):

Decentralization in management.

Decision making.

Resource allocation.

Mathematical optimization.

Physical Description:

xxi, 193 pages ; 24 cm

Place of Publication:

Singapore : World Scientific Publishing Co. Pte. Ltd., [2016]

Summary:

Decentralization in Infinite Horizon Economies brings together a collection of essays that attempt to explore one of the basic themes in microeconomics - can a decentralized economy attain an efficient or optimal allocation of resources when it is allowed to evolve without a predetermined terminal date? The failure of a price-guided competitive system to ensure efficiency/Pareto optimality with an infinite horizon was exposed by Malinvaud and Samuelson, Subsequent research, reported in this volume, achieved a deeper understanding of the problem, and obtained definitive results that are of interest in a much broader framework. Book jacket.

Contents:

1 Decentralization in Infinite Horizon Economies: An Introduction / Mukul Majumdar Majumdar, Mukul 1

2 Optimal Intertemporal Allocation Mechanisms and Decentralization of Decisions / Leonid Hurwicz Hurwicz, Leonid, Mukul Majumdar Majumdar, Mukul 12

3 On Characterizing Optimal Competitive Programs in Terms of Decentralizable Conditions / William A. Brock Brock, William A., Mukul Majumdar Majumdar, Mukul 46

4 Characterization of Intertemporal Optimality in Terms of Decentralizable Conditions: The Discounted Case / Swapan Dasgupta Dasgupta, Swapan, Tapan Mitra Mitra, Tapan 58

5 Intertemporal Optimality in a Closed Linear Model of Production / Swapan Dasgupta Dasgupta, Swapan, Tapan Mitra Mitra, Tapan 72

6 On Characterizing Optimality of Stochastic Competitive Processes / Yaw Nyarko Nyarko, Yaw 100

7 A Characterization of Infinite Horizon Optimality in Terms of Finite Horizon Optimality and a Critical Stock Condition / Tapan Mitra Mitra, Tapan, Debraj Ray Ray, Debraj 114

8 A Necessary Condition for Decentralization and an Application to Intertemporal Allocation / Leonid Hurwicz Hurwicz, Leonid, Hans F. Weinberger Weinberger, Hans F. 119

9 Decentralized Evolutionary Mechanisms for Intertemporal Economies: A Possibility Result / Venkatesh Bala Bala, Venkatesh, Mukul Majumdar Majumdar, Mukul, Tapan Mitra Mitra, Tapan 152

10 Complements and Details / Mukul Majumdar Majumdar, Mukul 181.

Notes:

Includes bibliographical references.

ISBN:

9789814699624

9814699624

OCLC:

934881509