TY - JOUR
T1 - On characterizing optimality of stochastic competitive processes
AU - Nyarko, Yaw
N1 - Funding Information:
assistance. This paper is a revision of University, and supervised by Professor by the National Science Foundation Majumdar.
PY - 1988/8
Y1 - 1988/8
N2 - A condition is provided to replace the transversality condition in characterizing the optimality of competitive processes. This extends the work of W. Brock, L. Hurwicz, and M. Majumdar ("On Characterizing Optimality of Competitive Programs in Terms of Decentralizable Conditions" and "Optimal Intertemporal Allocation Mechanisms and Decentralization of Decisions," Cornell University Working Paper Nos. 333 and 369 (1985)) on providing an informationally decentralizable condition for characterizing optimality in stochastic infinite-horizon models without discounting.
AB - A condition is provided to replace the transversality condition in characterizing the optimality of competitive processes. This extends the work of W. Brock, L. Hurwicz, and M. Majumdar ("On Characterizing Optimality of Competitive Programs in Terms of Decentralizable Conditions" and "Optimal Intertemporal Allocation Mechanisms and Decentralization of Decisions," Cornell University Working Paper Nos. 333 and 369 (1985)) on providing an informationally decentralizable condition for characterizing optimality in stochastic infinite-horizon models without discounting.
UR - http://www.scopus.com/inward/record.url?scp=45449125943&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=45449125943&partnerID=8YFLogxK
U2 - 10.1016/0022-0531(88)90272-4
DO - 10.1016/0022-0531(88)90272-4
M3 - Article
AN - SCOPUS:45449125943
SN - 0022-0531
VL - 45
SP - 316
EP - 329
JO - Journal of Economic Theory
JF - Journal of Economic Theory
IS - 2
ER -