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Efficient Decentralisation with a Transferable Good

Martin Browning

University of Bristol

Review of Economic Studies 1983

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 (2)
Pages
375
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