Allais's Trading Process And The Dynamic Evolution of an OLG Markets Economy

Jean-Michel Courtault (), Bertrand Crettez () and Naïla Hayek ()
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Bertrand Crettez: LIBRE - Laboratoire interdisciplinaire bisontin de recherches économiques - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE]
Naïla Hayek: Marin Mersenne - Pour les Mathématiques, l'Informatique et l'Interdisciplinarité - UP1 - Université Paris 1 Panthéon-Sorbonne

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Abstract: We study a trading process for a pure exchange economy with overlapping generations. This process is based on the maximization, at each stage, of a collective benefit (or surplus). We show that this process converges to a Pareto-optimal allocation. This extends the second fundamental convergence theorem of Allais [1967] to a pure exchange economy with overlapping generations.

Keywords: Trading Process; Distributable Surplus; Benefit Functions; Overlapping generations (search for similar items in EconPapers)
Date: 2005
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00448184v1
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Published in Pelzer, Lawrence Z. Focus on Macroeconomics Research, Nova Science Publishers, pp.111-132, 2005

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