Synopsis
Our understanding of the efficient workings of decentralized price systems is severely tested by the problems presented when these systems are modelled without a definite terminal date. This book brings together a selection of recent work on the topic, and presents a summary and overview.
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Présentation de l'éditeur
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.
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