On the informational size of message spaces

Research output: Contribution to journalArticle

24 Citations (Scopus)

Abstract

In a recent paper, Mount and Reiter established that, in a certain sense, the competitive mechanism is an "informationally most efficient" procedure for allocating resources. This result, of course, depends upon the way in which we characterize the notion of informational efficiency. Several alternative characterizations, and the relationships among them, are given here, and it is shown under which characterizations the above result is true, and under which it is false. It is shown that there is an intuitively appealing "best" characterization for which it is true.

Original languageEnglish (US)
Pages (from-to)366-375
Number of pages10
JournalJournal of Economic Theory
Volume15
Issue number2
StatePublished - Aug 1977
Externally publishedYes

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Informational efficiency

ASJC Scopus subject areas

  • Economics and Econometrics

Cite this

On the informational size of message spaces. / Walker, Mark A.

In: Journal of Economic Theory, Vol. 15, No. 2, 08.1977, p. 366-375.

Research output: Contribution to journalArticle

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