Abstract
The observation that the future has no natural termination date suggests the need of an infinite horizon in economic analysis. One of the recurrent questions in this general setting is: Under what conditions can efficient allocations be attained by a price-mechanism in decentralized systems, achieving economy of information and utilizing individual incentives?
I am grateful to M. Faber (Heidelberg), A.S. Manne (Stanford) , J. Rowse (Calgary) , A. Svofonos (Stanford), F.-J. Wodopia (Heidelberg) and to an unknown referee for many helpful comments. Of course, I assume full responsibility for any errors. This paper was written while I was a visiting scolar at Stanford University, supported by the Deutsche Forschungsgemeinschaft. Reprinted from Zeitschrift für Nationalökonomie [1985, Vol.45].
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Stephan, G. (1986). Competitive Finite Value Prices: A Complete Characterization. In: Faber, M. (eds) Studies in Austrian Capital Theory, Investment and Time. Lecture Notes in Economics and Mathematical Systems, vol 277. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-51701-3_11
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DOI: https://doi.org/10.1007/978-3-642-51701-3_11
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