To make high-quality research more accessible and easier to explore.

Fields:

A Convergent Pareto-Satisfactory Non-Tatonnement Adjustment Process for a Class of Unselfish Exchange Environments

Econometrica 1971 39(3), 467
[The paper is partitioned into two parts. The first contains a description of an "economic system" which allocates resources in exchange environments when consumer preferences are not selfish. This section also contains the conditions under which this economic system allocates resources optimally. The second part utilizes the allocation process described above, as well as four variants, to examine the concepts, and formal definitions, of informational decentralization and efficiency found in Hurwicz [8]. It is shown that various types of trade-offs exist between optimality in resource allocation and informational decentralization.]