A necessary condition for decentralization and an application to intertemporal allocation

Leonid Hurwicz; Hans F. Weinberger

doi:10.1016/0022-0531(90)90021-B

A necessary condition for decentralization and an application to intertemporal allocation

Leonid Hurwicz, Hans F. Weinberger

Mathematics

Research output: Contribution to journal › Article › peer-review

9 Scopus citations

Abstract

A necessary condition for realization by a decentralized finite-dimensional mechanism is proved. The concepts of the realization of a time sequence of allocations by a decentralized temporal process and by the particular more realistic class of decentralized evolutionary temporal processes are defined. The above condition shows that the optimal allocation in a simple model for intertemporal production and consumption can be realized by a decentralized temporal process but not by a decentralized evolutionary process which uses either a finite number of verification conditions or a finite-dimensional message space.

Original language	English (US)
Pages (from-to)	313-345
Number of pages	33
Journal	Journal of Economic Theory
Volume	51
Issue number	2
DOIs	https://doi.org/10.1016/0022-0531(90)90021-B
State	Published - Aug 1990

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abstract = "A necessary condition for realization by a decentralized finite-dimensional mechanism is proved. The concepts of the realization of a time sequence of allocations by a decentralized temporal process and by the particular more realistic class of decentralized evolutionary temporal processes are defined. The above condition shows that the optimal allocation in a simple model for intertemporal production and consumption can be realized by a decentralized temporal process but not by a decentralized evolutionary process which uses either a finite number of verification conditions or a finite-dimensional message space.",

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