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Resource Allocation Mechanisms - Donald E. Campbell

Resource Allocation Mechanisms

Paperback Published: 17th August 1987
ISBN: 9780521319904
Number Of Pages: 200

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Resource Allocation Mechanisms derives the general welfare properties of systems in which individuals are motivated by self-interest. Satisfactory outcomes will emerge only if individual incentives are harnessed by means of a communication and payoff process, or mechanism, involving every agent. Professor Campbell employs a formal and abstract model of a mechanism that brings into prominence the criteria by which the performance of an economy is to be judged. The mechanism approach is used to prove some fundamental theorems about the possibility of designing an economic system satisfying the criteria. It also establishes a way of thinking about economic issues that is becoming increasingly useful in special branches of economics, such as industrial organization and public finance. This book can be viewed as two different texts: one constitutes an introduction to the theory of mechanism design and the other is a treatment of welfare economics with conventional emphasis on Pareto optimality as well as providing substantial material on incentives, uncertainty, and existence of equilibrium.

Preface
Introduction
Performance criteria
The Arrow-Debreu world
Uncertainty
Incentive compatibility
Existence of a competitive equilibrium
Welfare properties of the Walrasian mechanism
Appendices
Author index
Subject index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521319904
ISBN-10: 0521319900
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 200
Published: 17th August 1987
Publisher: CAMBRIDGE UNIV PR
Country of Publication: GB
Dimensions (cm): 22.86 x 15.24  x 1.17
Weight (kg): 0.3

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