Allais' trading process and the dynamic evolution of a market economy
Jean-Michel Courtault () and
Jean-Marc Tallon ()
Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL
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)
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Published in Economic Theory, Springer Verlag, 2000, 16 (2), pp.477-481. ⟨10.1007/s001990050016⟩
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Journal Article: Allais' trading process and the dynamic evolution of a market economy (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00499371
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