The Economics of Informational Decentralization: Complexity, Efficiency, and Stability.pdf

The Economics of Informational Decentralization: Complexity, Efficiency, and Stability PDF

In this volume are papers written by students and co-authors of Stanley Reiter. The collection reflects to some extent the range of his interests and intellectual curiosity. He has published papers in statistics, manage ment science, international trade, and welfare economics. He co-authored early papers in economic history and is reported to be largely responsible for giving the field its name of Cliometrics. He helped initiate, nurture and establish the area of economics now known as mechanism design which studies information decentralization, incentives, computational complexity and the dynamics of decentralized interactions. The quality, craft, depth, and innovative nature of his work has always been at an exceptionally high level. Stan has had a strong and important direct effect on many students at Purdue University and Northwestern University. He created and taught a course which all of his students have both dreaded and respected. Using the Socratic method in remarkably effective ways to teach theory skills, he has guided, prodded, and encouraged us to levels we did not think we were capable of. Some of his students are represented in this volume. But even those whose careers took directions other than mathematical economics still consider that training to be an important component of their success. Stans students include department chairmen, business executives, Deans, a Secretary of the Air Force, and a College President. His guidance has been necessary and fundamental to whatever successes we have had.

... of the economic theory of such joint or decentralized information processing in organizations. ... The non-optimal decision rules are informally motivated by complexity ... In the 1930s, while some economists were comparing the efficiency of socialism and ... or locally, i.e., that the procedures be globally or locally stable.

1461359538 ISBN
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The Economics of Informational Decentralization: Complexity, Efficiency, and Stability.pdf


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... economy. In this debate it was recognized that information relevant to efficient ... socialist economy where decision making authority is vested in a central planner, on the basis of ... tion processing costs for the principal, and (iii) contract complexity costs. • Absence of ... Complexity, Efficiency and Stability, J. Ledyard ( ed.) ...