Commodity Exchanges as Gradient Processes

Claude d’Aspremont and Henry Tulkens
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Claude d’Aspremont: Université Catholique de Louvain

Chapter Chapter 4 in Public goods, environmental externalities and fiscal competition, 2006, pp 81-95 from Springer

Abstract: Abstract The purpose here is to make explicit the sense in which two dynamic processes, due to Malinvaud and others (whose solutions determine an efficient allocation for a given economy), are related to the gradient projection method known in the nonlinear optimization literature. The connections we establish derive from simple observations on first order characterizations of efficient allocations; they also lead to the formulation of another process, that applies to a classical welfare maximization problem; finally, they provide a common basis for an a priori justification of each of the three processes involved, which supplements the intrinsic properties that they can be shown to have.

Keywords: Public Good; Lyapunov Function; Efficient Allocation; Gradient Projection; Gradient Projection Method (search for similar items in EconPapers)
Date: 2006
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Related works:
Journal Article: Commodity Exchanges as Gradient Processes (1980)
Working Paper: Commodity exchanges as gradient processes (1980)
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DOI: 10.1007/978-0-387-25534-7_5

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