Review of Economic Studies Vol. 50 No. 2 1983
Efficient Decentralisation with a Transferable Good
Abstract
There are many situations where agents supply input factors and produce a transferable good (money). This paper examines the conditions on technology under which agents can specify reward schedules which lead to an efficient outcome even if inputs are chosen non-cooperatively and preferences are private information. The characterisation of the class of technologies that allows this involves a generalization of additivity known as (n − 1)-additivity.
- DOI
- 10.2307/2297423
- Volume
- 50
- Issue
- 2
- Pages
- 375
- Sources
- openalex crossref