Allais' trading process and the dynamic evolution of a market economy
AbstractWe 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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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 16 (2000)
Issue (Month): 2 ()
Note: Received: February 1, 1999; revised version: June 24, 1999
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- D00 - Microeconomics - - General - - - General
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
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- Jean-Michel Courtault & Bertrand Crettez & Naïla Hayek, 2005. "Allais's Trading Process And The Dynamic Evolution of an OLG Markets Economy," Post-Print halshs-00448184, HAL.
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