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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: Inbunden
- ISBN: 9789814699624
- Språk: Engelska
- Antal sidor: 216
- Utgivningsdatum: 2015-12-03
- Förlag: World Scientific Publishing Co Pte Ltd