The representation of shadow values in resource allocation teams
Abstract In problems of allocating infinitely many resources, which often arise in models with time or uncertainty, the dual space of the trade constraint contains many elements which may not be representable as a system of prices. Although this problem has been discussed in the efficiency price literature, such theorems may not be useful in models where there are many decision makers, each with different information. The appropriated representation theorems are provided. Similarity with theorems in the efficiency price literature is discussed and an extension of the approximation results found there is also presented.