Allais' Trading Process and the Dynamic Evolution of a Market Economy

Posted: 24 Jan 2001

See all articles by Jean-Michel Courtault

Jean-Michel Courtault

University of Burgundy Franche-Comté - L.I.B.R.E.

Jean-Marc Tallon

Paris School of Economics

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.

Keywords and Phrases: Trading process, Distributable surplus, Benefit function.

JEL Classification: D00, D50

Suggested Citation

Courtault, Jean-Michel and Tallon, Jean-Marc, Allais' Trading Process and the Dynamic Evolution of a Market Economy. Available at SSRN: https://ssrn.com/abstract=236702

Jean-Michel Courtault

University of Burgundy Franche-Comté - L.I.B.R.E. ( email )

avenue de l'Observatoire
F25030 Besancon
France

Jean-Marc Tallon (Contact Author)

Paris School of Economics ( email )

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