On Characterizing Optimality of Stochastic Competitive Processes

Yaw Nyarko

doi:10.1142/9789814699631_0006

On Characterizing Optimality of Stochastic Competitive Processes

Yaw Nyarko

Economics

Research output: Chapter in Book/Report/Conference proceeding › Chapter

Abstract

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 lntertemporal 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.

Original language	English (US)
Title of host publication	Decentralization In Infinite Horizon Economies
Publisher	World Scientific Publishing Co.
Pages	100-113
Number of pages	14
ISBN (Electronic)	9789814699631
DOIs	https://doi.org/10.1142/9789814699631_0006
State	Published - Jan 1 2015

ASJC Scopus subject areas

General Economics, Econometrics and Finance
General Business, Management and Accounting

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On Characterizing Optimality of Stochastic Competitive Processes

Abstract

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