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.
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