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

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Author Info

  • Jean-Michel Courtault

    ()
    (CEPN - Centre d'économie de l'Université de Paris Nord - CNRS : UMR7115 - Université Paris-Nord - Paris XIII)

  • Bertrand Crettez

    (LIBRE - Laboratoire interdisciplinaire bisontin de recherches économiques - Ministère de l'Enseignement Supérieur et de la Recherche Scientifique)

  • Naïla Hayek

    ()
    (Marin Mersenne - Pour les Mathématiques, l'Informatique et l'Interdisciplinarité - Université Panthéon-Sorbonne - Paris I)

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.

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File URL: http://halshs.archives-ouvertes.fr/docs/00/44/81/84/PDF/allaistrading24nov.pdf
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Bibliographic Info

Paper provided by HAL in its series Post-Print with number halshs-00448184.

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Date of creation: 2005
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Publication status: Published, Focus on Macroeconomics Research, Nova Science Publishers (Ed.), 2005, 111-132
Handle: RePEc:hal:journl:halshs-00448184

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00448184/en/
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Related research

Keywords: Trading Process; Distributable Surplus; Benefit Functions; Overlapping generations;

References

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  1. Jean-Marc Tallon & Jean-Michel Courtault, 2000. "Allais' trading process and the dynamic evolution of a market economy," Economic Theory, Springer, vol. 16(2), pages 477-481.
  2. Ghiglino, Christian & Tvede, Mich, 1998. "Optimal policy in OG models," Working Papers 08-1998, Copenhagen Business School, Department of Economics.
  3. Jean-Michel Courtault & Bertrand Crettez & Naila Hayek, 2007. "A Note On Luenberger'S Zero-Maximum Principle For Core Allocations," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 9(03), pages 453-460.
  4. Allard, Marie & Bronsard, Camille & Richelle, Ives, 1989. "Temporary pareto optimum theory," Journal of Public Economics, Elsevier, vol. 38(3), pages 343-368, April.
  5. repec:fth:louvco:9545 is not listed on IDEAS
  6. Aubin, Jean-Pierre, 1991. "Evolution of viable allocations," Journal of Economic Behavior & Organization, Elsevier, vol. 16(1-2), pages 183-215, July.
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