Decentralized evolutionary mechanisms for intertemporal economies: A possibility result (Q810356)

An infinite horizon aggregative model with one consumer and one producer living in each period is considered. A decentralized intertemporal mechanism is constructed, where decisions are carried out period after period in the evolutionary manner of \textit{L. Hurwicz} and \textit{H. Weinberger} [J. Econ. Theory 51, No.2, 313-345 (1990; Zbl 0712.90013)]. Decentralization of decision-making is achieved by introducing some account prices. The allocation sequence generated by this mechanism is intertemporally efficient and also maximizes the long run average utility from consumption.