On Characterizing Optimality of Stochastic Competitive Processes
Nyarko, Y. (1988). On Characterizing Optimality of Stochastic Competitive Processes. Journal of Economic Theory, 45(2), 316-329. Reprinted in Decentralization in Infinite Horizon Economies, edited by Mukul Majumdar, Westview Press, 100-113, 1992.
A condition is provided to replace the transversality condition in characterizing the optimality of competitive processes…