Allais' trading process and the dynamic evolution of a market economy |
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| Authors: | Jean-Michel Courtault Jean-Marc Tallon |
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| Affiliation: | L.I.B.R.E., Université de Franche-Comté, avenue de l'Observatoire, F-25030 Besan?on, FRANCE(e-mail: jean-michel.courtault@univ-fcomte.fr), FR
CNRS-EUREQua, 106-112, bld de l'H?pital, F-75647 Paris Cedex 13, FRANCE (e-mail: jmtallon@univ-paris1.fr), FR
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| Abstract: | Summary. 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. |
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