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Decentralization in Infinite Horizon Economies
Hardcover
ISBN13: 9789814699624
Publisher: World Scientific Publishing Company
Published: Nov 21 2015
Pages: 216
Weight: 1.00
Height: 0.60 Width: 6.20 Depth: 9.10
Language: English
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.
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