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

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.

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Year of publication:	2000-07-14
Authors:	Tallon, Jean-Marc ; Courtault, Jean-Michel
Published in:	Economic Theory. - Springer. - Vol. 16.2000, 2, p. 477-481
Publisher:	Springer
Subject:	Trading process \| Distributable surplus \| Benefit function

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Extent:	application/pdf
Type of publication:	Article
Notes:	Received: February 1, 1999; revised version: June 24, 1999
Classification:	D00 - Microeconomics. General ; D50 - General Equilibrium and Disequilibrium. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005597893