Decentralization Resource Allocation And Demand Theory

Decentralization, Resource Allocation, and Demand Theory

The project had dealt with a number of problems in the general area of mathematical economics and econometrics. The main effort was devoted to problems of structure of resource allocation mechanisms. In particular the question of decentralizability of such systems was studied in relation to the characteristics of the economic environment. Among results obtained are proofs on the workability (convergence, etc.) of certain stochastic adjustment processes under rather broad environmental circumstances. On the other hand, 'impossibility theorems' have been established for certain situations involving externalities. A considerable amount of effort was devoted to the study of the relationship between market demand functions and the possibility of explaining such functions by some maximization process. This was done from both the 'revealed preference' point of view and in terms of integrability conditions. (Author).

Studies in the Mathematical Theory of Decentralized Resource-allocation

The Collected Papers of Leonid Hurwicz

Introduces non-specialist readers to the life and work of Leonid Hurwicz, a major contributor to modern theoretical economics, Includes papers covering talks Hurwicz gave over the last 4 decades of his life, providing a detailed and nuanced understanding of economic systems and the informational and incentive issues in designing mechanisms, Contains reviews and essays on decision theory and game theory for lay readers, Brings together reminiscences from co-authors and colleagues offering insights into Hurwicz as a person and scholar Book jacket.