Accession Number : AD0664260

Title :   DECENTRALIZATION, RESOURCE ALLOCATION, AND DEMAND THEORY.

Descriptive Note : Final rept. 1 Aug 61-15 Sep 66,

Corporate Author : MINNESOTA UNIV MINNEAPOLIS DEPT OF ECONOMICS

Personal Author(s) : Hurwicz,Leonid

Report Date : 04 JAN 1968

Pagination or Media Count : 7

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)

Descriptors :   (*ECONOMICS, THEORY), MATHEMATICAL ANALYSIS, INDUSTRIAL PRODUCTION, INVENTORY, STOCHASTIC PROCESSES, CONVERGENCE, THEOREMS

Subject Categories : Economics and Cost Analysis

Distribution Statement : APPROVED FOR PUBLIC RELEASE