Decentralized evolutionary mechanisms for intertemporal economies: A possibility result (Q810356)
From MaRDI portal
 | This is the item page for this Wikibase entity, intended for internal use and editing purposes. Please use this page instead for the normal view: Decentralized evolutionary mechanisms for intertemporal economies: A possibility result |
scientific article; zbMATH DE number 4213713
| Language | Label | Description | Also known as |
|---|---|---|---|
| default for all languages | No label defined |
||
| English | Decentralized evolutionary mechanisms for intertemporal economies: A possibility result |
scientific article; zbMATH DE number 4213713 |
Statements
Decentralized evolutionary mechanisms for intertemporal economies: A possibility result (English)
0 references
1991
0 references
An infinite horizon aggregative model with one consumer and one producer living in each period is considered. A decentralized intertemporal mechanism is constructed, where decisions are carried out period after period in the evolutionary manner of \textit{L. Hurwicz} and \textit{H. Weinberger} [J. Econ. Theory 51, No.2, 313-345 (1990; Zbl 0712.90013)]. Decentralization of decision-making is achieved by introducing some account prices. The allocation sequence generated by this mechanism is intertemporally efficient and also maximizes the long run average utility from consumption.
0 references
infinite horizon aggregative model
0 references
one consumer
0 references
one producer
0 references
decentralized intertemporal mechanism
0 references
Decentralization of decision- making
0 references
0 references
0 references
0.8537510633468628
0 references
0.8224271535873413
0 references
0.7981699109077454
0 references
0.7710458636283875
0 references
0.7234337329864502
0 references
