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A Necessary Condition for Decentralization and an Application to lntertemporal Allocation

In: Decentralization in Infinite Horizon Economies

Author

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  • LEONID HURWICZ
  • HANS F. WEINBERGER

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.

Suggested Citation

  • Leonid Hurwicz & Hans F. Weinberger, 2015. "A Necessary Condition for Decentralization and an Application to lntertemporal Allocation," World Scientific Book Chapters, in: Mukul Majumdar (ed.), Decentralization in Infinite Horizon Economies, chapter 8, pages 119-151, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814699631_0008
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    Cited by:

    1. Mukul Majumdar & Tapan Mitra, 1991. "Intertemporal decentralization," Finnish Economic Papers, Finnish Economic Association, vol. 4(2), pages 79-103, Autumn.
    2. Kaganovich, Michael, 1996. "Rolling planning: Optimality and decentralization," Journal of Economic Behavior & Organization, Elsevier, vol. 29(1), pages 173-185, January.
    3. Takashi Ishikida & Thomas Marschak, 1996. "Mechanisms that efficiently verify the optimality of a proposed action," Review of Economic Design, Springer;Society for Economic Design, vol. 2(1), pages 33-68, December.
    4. Venkatesh Bala & Mukul Majumdar & Tapan Mitra, 1991. "Decentralized evolutionary mechanisms for intertemporal economies: A possibility result," Journal of Economics, Springer, vol. 53(1), pages 1-29, February.
    5. Antonio Manresa, 2002. "Can we identify Walrasian allocations?," Review of Economic Design, Springer;Society for Economic Design, vol. 7(1), pages 57-73.
    6. Thomas Marschak, 1996. "On economies of scope in communication," Review of Economic Design, Springer;Society for Economic Design, vol. 2(1), pages 1-31, December.
    7. Marschak, Thomas, 2006. "Organization Structure," MPRA Paper 81518, University Library of Munich, Germany.

    More about this item

    Keywords

    Efficient Allocations; Optimal Growth; Transversality Conditions; Decentralization; Mechanism Design; Rolling Plans;
    All these keywords.

    JEL classification:

    • D00 - Microeconomics - - General - - - General
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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