Decentralization in Infinite Horizon Economies

Download or read book Decentralization in Infinite Horizon Economies written by Mukul Majumdar and published by World Scientific Publishing Company. This book was released on 2015-10-08 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.