7th Annual Kenneth J. Arrow Lecture: Prices and Decentralization without Convexity
November 18, 2014
Room 1501, International Affairs Building New York, New York
Delivered by: Paul Milgrom, Shirley R. and Leonard W. Ely, Jr. Professor of Humanities and Sciences, Stanford University
Discussants: Kenneth J. Arrow, Joan Kenney Professor of Economics and Professor of Operations Research, Emeritus, Stanford University
Jay Sethuraman, Professor of Industrial Engineering and Operations Research, Columbia University
Joseph E. Stiglitz, University Professor, Columbia University
Prices can often guide decentralized resource allocation effectively even in environments with non-convexities or where exact computations of optimal allocations are intractably hard. The new approaches, involving collaboration between economists and computer scientists, are not just about approximate optimization, but also about creating price signals to guide investments in resources for the future.
Sponsored by the Center on Global Economic Governance, the Program for Economic Research, the Committee on Global Thought, Columbia University Press, and the Initiative for Policy Dialogue.