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: 03/12/2015
- Category: Economic theory & philosophy
- ISBN: 9789814699624