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Recursively Decentralized Decision Making
Charles Blackorby
David Nissen
Daniel Primont
R. Robert Russell
Abstract
Decentralized decision making is consistent if it is executed without cost (i.e., without a loss of output or utility). Consistency requires that the objective function be appropriately structured. In this paper, a hierarchical decision making structure is rationalized by an objective function which combines some of the properties of homothetic separability and asymmetric separability.
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