On Characterizing Optimality of Stochastic Competitive Processes

Research output: Chapter in Book/Report/Conference proceedingChapter


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 languageEnglish (US)
Title of host publicationDecentralization In Infinite Horizon Economies
PublisherWorld Scientific Publishing Co.
Number of pages14
ISBN (Electronic)9789814699631
StatePublished - Jan 1 2015

ASJC Scopus subject areas

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


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