This book summarizes some issues involved in developing a theory of decentralized resource allocation mechanism in infinite horizon economies. It constitutes a definitive account of cutting-edge research on a topic of continuing importance in price theory. .
Table of Contents
Decentralization in Infinite Horizon Economies: An Introduction; Optimal Intertemporal Allocation Mechanisms and Decentralization of Decisions; On Characterizing Optimal Competitive Programs in Terms of Decentralizable Conditions; Characterization of Intertemporal Optimality in Terms of Decentralizable Conditions: The Discounted Case; On Characterizing Optimality of Stochastic Competitive Processes; A Characterization of Infinite Horizon Optimality in Terms of Finite Horizon Optimality and a Critical Stock Condition; A Necessary Condition for Decentralization and an Application to Intertemporal Allocation; Decentralized Evolutionary Mechanisms for Intertemporal Economies: A Possibility Result; Complements and Details