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Commodity Exchanges as Gradient Processes

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  • d'Aspremont, Claude
  • Tulkens, Henry

Abstract

The purpose here is to make explicit the sense in which two dynamic processes, due to Malinvaud and others (whose solutions determine an efficient allocation for a given economy), are related to the gradient projection method known in the nonlinear optimization literature. The connections we establish derive from simple observations on first order characterizations of efficient allocations; they also lead to the formulation of another process, that applies to a classical welfare maximization problem; finally, they provide a common basis for an a priori justification of each of the three processes involved, which supplements the intrinsic properties that they can be shown to have.
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  • d'Aspremont, Claude & Tulkens, Henry, 1980. "Commodity Exchanges as Gradient Processes," Econometrica, Econometric Society, vol. 48(2), pages 387-399, March.
    • Handle: RePEc:ecm:emetrp:v:48:y:1980:i:2:p:387-99
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    Cited by:

    1. Bronsard, Camille & Salvas-Bronsard, Lise, 1992. "De la variété de Patinkin-Malinvaud à l’optimum macroéconomique de court terme," L'Actualité Economique, Société Canadienne de Science Economique, vol. 68(1), pages 205-224, mars et j.
    2. Kwan Koo Yun, 2004. "Efficient Pareto-improving Processes," Econometric Society 2004 Far Eastern Meetings 784, Econometric Society.
    3. Yun, Kwan Koo, 2010. "Efficient, Pareto-improving processes," Journal of Mathematical Economics, Elsevier, vol. 46(3), pages 326-331, May.

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