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

Author

Listed:
  • Jean-Michel Courtault

    () (L.I.B.R.E. - UFC - Université de Franche-Comté)

  • Jean-Marc Tallon

    () (EUREQUA - Equipe Universitaire de Recherche en Economie Quantitative - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

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-Michel Courtault & Jean-Marc Tallon, 2000. "Allais' trading process and the dynamic evolution of a market economy," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00499371, HAL.
  • Handle: RePEc:hal:cesptp:halshs-00499371
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00499371
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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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