Call Boomerang Books 1300 36 33 32

Description - Studies in Resource Allocation Processes by Kenneth J. Arrow

One of the central questions of economics relates to the coordination of individual units within a large organization to achieve the central objectives of that organization. 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. Fourteen papers are concerned with 'Economies with multiple objectives'. Among the topics covered here are stability of competitive equilibrium, stability in oligopology, and dynamic shortages. The final part of the book includes three papers on informational efficiency and informationally decentralized systems. Leonid Hurwitcz is the Nobel Prize Winner 2007 for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, along with colleagues Eric Maskin and Roger Myerson, for his work on the effectiveness of markets.

Buy Studies in Resource Allocation Processes by Kenneth J. Arrow from Australia's Online Independent Bookstore, Boomerang Books.

Book Details

ISBN: 9780521034005
ISBN-10: 0521034000
Format: Paperback
(228mm x 152mm x 30mm)
Pages: 500
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 1-Dec-2006
Country of Publication: United Kingdom

Other Editions - Studies in Resource Allocation Processes by Kenneth J. Arrow

Book Reviews - Studies in Resource Allocation Processes by Kenneth J. Arrow

» Have you read this book? We'd like to know what you think about it - write a review about Studies in Resource Allocation Processes book by Kenneth J. Arrow and you'll earn 50c in Boomerang Bucks loyalty dollars (you must be a Boomerang Books Account Holder - it's free to sign up and there are great benefits!)

Write Review


Books By Kenneth J. Arrow

On Ethics and Economics by Kenneth J. Arrow
Hardback, August 2016
$198.90
Social Choice and Individual Values by Kenneth J. Arrow
Paperback, June 2012
$39.59
Managerial Logic by Kenneth J. Arrow
Hardback, August 2011
$281.66