Discrete Walrasian exchange process |
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Authors: | Jean-Marc Bonnisseau Orntangar Nguenamadji |
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Institution: | 1. Paris School of Economics, Université Paris 1 Panthéon–Sorbonne, Centre d’Economie de la Sorbonne–CNRS, 106-112 Boulevard de l’H?pital, 75647, Paris Cedex 13, France
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Abstract: | In an exchange economy, we define a discrete exchange process, which is Walrasian, since the trades are determined by the equilibrium allocation of the local equilibrium. We prove that this process attains a Pareto optimal allocation after a finite number of steps and the local equilibrium price then supports the Pareto optimal allocation. Furthermore, along the process, the allocation remains feasible and the utility of each consumer is non-decreasing. |
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