Allais's Trading Process And The Dynamic Evolution of an OLG Markets Economy
AbstractWe 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  to a pure exchange economy with overlapping generations.
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Bibliographic InfoPaper provided by HAL in its series Post-Print with number halshs-00448184.
Date of creation: 2005
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Publication status: Published, Focus on Macroeconomics Research, Nova Science Publishers (Ed.), 2005, 111-132
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Trading Process; Distributable Surplus; Benefit Functions; Overlapping generations;
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- 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.
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- repec:fth:louvco:9545 is not listed on IDEAS
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