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

Author

Listed:
  • Jean-Michel Courtault

    () (CEPN - Centre d'Economie de l'Université Paris Nord (ancienne affiliation) - UP13 - Université Paris 13 - CNRS - Centre National de la Recherche Scientifique)

  • Bertrand Crettez

    (LIBRE - Laboratoire interdisciplinaire bisontin de recherches économiques - M.E.N.E.S.R. - Ministère de l'Éducation nationale, de l’Enseignement supérieur et de la Recherche - UFC - Université de Franche-Comté)

  • Naïla Hayek

    () (Marin Mersenne - Pour les Mathématiques, l'Informatique et l'Interdisciplinarité - UP1 - Université Panthéon-Sorbonne)

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.

Suggested Citation

  • 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.
  • Handle: RePEc:hal:journl:halshs-00448184
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00448184
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    References listed on IDEAS

    as
    1. Ghiglino, Christian & Tvede, Mich, 2000. "Optimal Policy in OG Models," Journal of Economic Theory, Elsevier, vol. 90(1), pages 62-83, January.
    2. Allard, Marie & Bronsard, Camille & Richelle, Ives, 1989. "Temporary pareto optimum theory," Journal of Public Economics, Elsevier, vol. 38(3), pages 343-368, April.
    3. 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.
    4. 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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