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

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Author Info
Jean-Marc Tallon () (CNRS-EUREQua, 106-112, bld de l'Hôpital, F-75647 Paris Cedex 13, FRANCE)
Jean-Michel Courtault () (L.I.B.R.E., Université de Franche-Comté, avenue de l'Observatoire, F-25030 Besançon, FRANCE)

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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.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 16 (2000)
Issue (Month): 2 ()
Pages: 477-481
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Handle: RePEc:spr:joecth:v:16:y:2000:i:2:p:477-481

Note: Received: February 1, 1999; revised version: June 24, 1999
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Related research
Keywords: Trading process Distributable surplus Benefit function.

Find related papers by JEL classification:
D00 - Microeconomics - - General - - - General
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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