ABSTRACT
A necessary condition for realization by a decentralized finite-dimensional mechanism is proved. The concepts of the realization of a time sequence of allocations by a decentralized temporal process and by the particular more realistic class of decentralized evolutionary temporal processes are defined. The above condition shows that the optimal allocation in a simple model for intertemporal production and consumption can be realized by a decentralized temporal process but not by a decentralized evolutionary process which uses either a finite number of verification conditions or a finite-dimensional message space. Journal of Economic Literature Classification Numbers: 022,024, 111, 113. © 1990 Academic Press, inc.
