ABSTRACT
Problems of achieving an efficient or optimal allocation of resources through a system of decentralized decision-making when the planning horizon is unbounded and the number of agents is infinite have been repeatedly raised, but have not been explored in a formal manner. The objective of this paper is to suggest some points of departure for a systematic investigation of such questions. The main analytical results indicate the impossibility of attaining optimality through intertemporally decentralized mechanisms. Journal of Economic Literature Classification Numbers: 022, 024, 111, 113. © 1988 Academic Press, Inc.
