One of the central questions of economics relates to the coordination of individual units within a large organization to achieve the central objectives of that organization. This book examines the problems involved in allocating resources in an economic system where decision-making is decentralized into the hands of individuals and individual enterprises. The decisions made by these economic agents must be coordinated because the input decisions of some must eventually equal the output decisions of others. Coordination arises naturally out of the mathematical theory of optimization but there is still the question of how it can be achieved in practice with dispersed knowledge. The essays here explore the many facets of this problem. Nine papers are grouped under the title 'Economies with a single maximand'. They include papers on static and dynamic optimization, decentralization within firms, and nonconvexities in optimizing problems. Fourteen papers are concerned with 'Economies with multiple objectives'. Among the topics covered here are stability of competitive equilibrium, stability in oligopology, and dynamic shortages. The final part of the book includes three papers on informational efficiency and informationally decentralized systems. Leonid Hurwitcz is the Nobel Prize Winner 2007 for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, along with colleagues Eric Maskin and Roger Myerson, for his work on the effectiveness of markets.
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Essays discussing a fundamental point in economics, the mechanisms for coordinating the allocation of resources in an economic system where the decisions are decentralized. -- Book Description
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Essays discussing a fundamental point in economics, the mechanisms for coordinating the allocation of resources in an economic system where the decisions are decentralized.
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Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
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Traditionally, economic analysis treats the economic system as one of the givens. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
decomposable environments, expected normal price, disequilibrium vector, informationally decentralized process, third regularity condition, instantaneous adjustment process, nonclassical environments, greed process, informational decentralization, perfectly competitive process, attainable directions, weak gross substitutability, second regularity condition, true dynamic stability, quadratic modification, optimality relations, weak gross substitutes, dynamic shortage, unconstrained maxima, revealed preference axiom, jth process, current excess demands, aggregate excess demand functions, normalized process, equilibrium price vector Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York, Stanford University, Office of Naval Research, Leonid Hurwicz, Walras Law, Discussion Paper, University of California Press, Foundations of Economic Analysis, John Wiley, Proceedings of the Second Berkeley Symposium, Harvard University Press, Management Science, Proof Let, Review of Economic Studies, Stability of Multiple Markets, United States, Proof Suppose, University of Chicago Press, American Economic Review, Economic Organizations, Hirofumi Uzawa, Jacob Marschak, Mathematical Analysis, Northwestern Univ, Oxford University Press New!
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Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
Traditionally, economic analysis treats the economic system as one of the givens. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
decomposable environments, expected normal price, disequilibrium vector, informationally decentralized process, third regularity condition, instantaneous adjustment process, nonclassical environments, greed process, informational decentralization, perfectly competitive process, attainable directions, weak gross substitutability, second regularity condition, true dynamic stability, quadratic modification, optimality relations, weak gross substitutes, dynamic shortage, unconstrained maxima, revealed preference axiom, jth process, current excess demands, aggregate excess demand functions, normalized process, equilibrium price vector Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York, Stanford University, Office of Naval Research, Leonid Hurwicz, Walras Law, Discussion Paper, University of California Press, Foundations of Economic Analysis, John Wiley, Proceedings of the Second Berkeley Symposium, Harvard University Press, Management Science, Proof Let, Review of Economic Studies, Stability of Multiple Markets, United States, Proof Suppose, University of Chicago Press, American Economic Review, Economic Organizations, Hirofumi Uzawa, Jacob Marschak, Mathematical Analysis, Northwestern Univ, Oxford University Press New!
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30
books
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- Foundations of Economic Analysis: Enlarged Edition (Harvard Economic Studies) by Paul Samuelson on 10 pages
- Activity Analysis of Production and Allocation by Koopmans on 5 pages
- Price Flexibility and Employment (Cowles Commission for Research in Economics, Monograph) by Oscar Richard Lange on 4 pages
- The Economics of Control (Reprints of economic classics) by Abba Ptachya Lerner on page 26, page 36, and page 89
- Principles of Economics (Great Minds Series) by Alfred Marshall on page 227, page 363, and page 379
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- The Theory of Institutional Design (Theories of Institutional Design) by Robert E. Goodin on page 43, and page 47
- Handbook of Mathematical Economics, Volume 3 by Michael D. Intriligator on page 365, and page 406
- The Philosophy of Economics: On the Scope of Reason in Economic Inquiry (International Library of Philosophy) by Subroto Roy in Back Matter
- Combinatorial Auctions by Peter Cramton on page 292
- Information, Incentives and the Economics of Control by G. C. Archibald in Back Matter
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