Decentralization in Infinite Horizon Economies (Hardcover) (ISBN-13: 9789814699624)

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.

Author: Mukul Majumdar
ISBN-10: 9814699624
ISBN-13: 9789814699624
Publisher: World Scientific Publishing Company
Language: English
Published: 11/21/2015
Pages: 216
Format: Hardcover
Weight: 1.00lbs
Size: 9.10h x 6.20w x 0.60d