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

Abstract: 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)
Date: 2000-07-14
Note: Received: February 1, 1999; revised version: June 24, 1999
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Citations: View citations in EconPapers (5)

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Working Paper: Allais' trading process and the dynamic evolution of a market economy (2000)
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