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.
Volume (Year): 16 (2000)
Issue (Month): 2 ()
|Note:||Received: February 1, 1999; revised version: June 24, 1999|
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