Can an informationally decentralized mechanism be designed so as to lead society to a predetermined distribution of income and with the resulting allocation being Pareto optimal? In the present paper this question is answered affirmatively by presenting a decentralized mechanism capable of achieving these objectives. As a by‐product of the analysis the redistributive possibilities arising from the creation of accounting “money” are also brought out.
|Number of pages||8|
|State||Published - Apr 1978|