By John Eatwell, Murray Milgate, Peter Newman (eds.)
This is an extract from the 4-volume dictionary of economics, a reference publication which goals to outline the topic of economics at the present time. 1300 topic entries within the entire paintings disguise the extensive subject matters of financial thought. This quantity concentrates relating to allocation info and markets.
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This is the concept of efficient production, already seen in the linear activity analysis model, now extended to an infinite horizon model. The main aim of this research is to extend to the infinite horizon model the characterization of efficient production by prices seen in the finite model. This goal is not quite reached, as is seen in what follows. The main difficulties presented by the infinite horizon are already present in a special case of the Malinvaud model with one good and no consumers.
And Nalebuff, B. 1984. Dragon-slaying and ballroom dancing: the private supply of a public good. Journal of Public Economics 25, August, 1-12. Holmstrom, B. and Myerson, R. 1983. Efficient and durable decision rules with incomplete information. Econometrica 51, November, 1799-1820. , Roberts, J. and Wilson, R. 1982. Rational cooperation in the finitely repeated prisoners' dilemma. Journal of Economic Theory 27, August, 245-52. Milgrom, P. and Roberts, J. 1982a. Predation, reputation, and entry deterrence.
It is hard to see how any transversality condition can be interpreted in terms of decentralized resource allocation. An alternate approach to characterizing efficient programmes was taken by Radner (1967), based on value functions as introduced in connection with valuation equilibrium by Debreu (1954). ) The value function approach was followed up by Majumdar (1970, 1972) and by Peleg and Yaari (1970). A price system defines a continuous linear functional, a real-valued linear function, on the commodity space.
Allocation, Information and Markets by John Eatwell, Murray Milgate, Peter Newman (eds.)