Allais' trading process and the dynamic evolution of a market economy

Jean-Michel Courtault () and Jean-Marc Tallon

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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)
Date: 2000-09
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Citations: View citations in EconPapers (4)

Published in Economic Theory, 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)
Working Paper: Allais' trading process and the dynamic evolution of a market economy (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00499371

DOI: 10.1007/s001990050016

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