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

Author

Listed:
  • 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)

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.

Suggested Citation

  • Jean-Marc Tallon & Jean-Michel Courtault, 2000. "Allais' trading process and the dynamic evolution of a market economy," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 16(2), pages 477-481.
  • 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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    Cited by:

    1. 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.
    2. Jean-Paul Chavas & Daniel W. Bromley, 2008. "On the Origins and Evolving Role of Money," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 164(4), pages 624-651, December.

    More about this item

    Keywords

    Trading process; Distributable surplus; Benefit function.;

    JEL classification:

    • D00 - Microeconomics - - General - - - General
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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