A necessary condition for decentralization and an application to intertemporal allocation

Leonid Hurwicz, Hans F. Weinberger

Research output: Contribution to journalArticlepeer-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 languageEnglish (US)
Pages (from-to)313-345
Number of pages33
JournalJournal of Economic Theory
Volume51
Issue number2
DOIs
StatePublished - Aug 1990

Fingerprint Dive into the research topics of 'A necessary condition for decentralization and an application to intertemporal allocation'. Together they form a unique fingerprint.

Cite this