Allais' trading process and the dynamic evolution of a market economy
Jean-Marc Tallon () and
Jean-Michel Courtault ()
Economic Theory, 2000, vol. 16, issue 2, 477-481
We construct a simple trading process that is based on the maximization, at each stage, of the total distributable surplus. We show that this process converges to a Pareto optimal allocation.
Keywords: Trading process; Distributable surplus; Benefit function. (search for similar items in EconPapers)
JEL-codes: D00 D50 (search for similar items in EconPapers)
Note: Received: February 1, 1999; revised version: June 24, 1999
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