Studies in resource allocation processes /
Arrow, Kenneth J.
Studies in resource allocation processes / - Cambridge ; New York : Cambridge University Press , c 1977. - xiv, 482 p. :ill,
Some of the studies prepared in cooperation with other authors.
Includes bibliographies and indexes.
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.
0521215226
Economics, Mathematical.
Mathematical optimization.
HB135 / .A79
330.01'51 / ARR
Studies in resource allocation processes / - Cambridge ; New York : Cambridge University Press , c 1977. - xiv, 482 p. :ill,
Some of the studies prepared in cooperation with other authors.
Includes bibliographies and indexes.
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.
0521215226
Economics, Mathematical.
Mathematical optimization.
HB135 / .A79
330.01'51 / ARR