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Decentralization In Infinite Horizon Economies, Hardback Book

Decentralization In Infinite Horizon Economies Hardback

Edited by Mukul (Cornell Univ, Usa) Majumdar


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.


  • Format: Hardback
  • Pages: 216 pages
  • Publisher: World Scientific Publishing Co Pte Ltd
  • Publication Date:
  • Category: Economic theory & philosophy
  • ISBN: 9789814699624



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