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

Jean-Michel Courtault (1) , Jean-Marc Tallon (2)

1 L.I.B.R.E.
2 EUREQUA - Equipe Universitaire de Recherche en Economie Quantitative

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.

Mots clés: Trading Process; Distributable Surplus; Benefit Function

Domaines: Economies et finances

Jean-Michel Courtault, Jean-Marc Tallon. Allais' trading process and the dynamic evolution of a market economy. Economic Theory, 2000, 16 (2), pp.477-481. ⟨10.1007/s001990050016⟩. ⟨halshs-00499371⟩