Journal Article Efficiency Prices for Infinite Horizon Production Programmes Get access R. Radner R. Radner University of California, Berkeley Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 34, Issue 1, January 1967, Pages 51–66, https://doi.org/10.2307/2296570 Published: 01 January 1967

[We study a team with many processes; the output process depends on the resources allocated to it by the resource manager, on a local decision by the process manager, and on a (random) parameter of the process. We compare two communication patterns: (1) resource allocations are based on full information, but local decisions are based only on corresponding local information; (2) all decisions are based on full information. We show that, if the criterion is expected average output per process, and if the process parameters are independent and identically distributed, then (under certain regularity assumptions) for "large" teams the additional communication among process managers in (2) over (1) has approximately no value.]