DECENTRALIZATION, RESOURCE ALLOCATION, AND DEMAND THEORY.

Abstract

The project had dealt with a number of problems in the general area of mathematical economics and econometrics. The main effort was devoted to problems of structure of resource allocation mechanisms. In particular the question of decentralizability of such systems was studied in relation to the characteristics of the economic environment. Among results obtained are proofs on the workability (convergence, etc.) of certain stochastic adjustment processes under rather broad environmental circumstances. On the other hand, 'impossibility theorems' have been established for certain situations involving externalities. A considerable amount of effort was devoted to the study of the relationship between market demand functions and the possibility of explaining such functions by some maximization process. This was done from both the 'revealed preference' point of view and in terms of integrability conditions. (Author)

Document Details

Document Type
Technical Report
Publication Date
Jan 04, 1968
Accession Number
AD0664260

Entities

People

  • Leonid Hurwicz

Organizations

  • University of Minnesota

Tags

Communities of Interest

  • Materials and Manufacturing Processes

DTIC Thesaurus Topics

  • Biological Phenomena
  • Convergence
  • Ecological And Environmental Phenomena
  • Econometrics
  • Economic Analysis
  • Economics
  • Environment
  • Social Sciences

Readers

  • Calculus or Mathematical Analysis
  • Economics
  • Theoretical Analysis.