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Commodity Exchanges as Gradient Processes

In: Public goods, environmental externalities and fiscal competition

Author

Listed:
  • Claude d’Aspremont

    (Université Catholique de Louvain)

  • Henry Tulkens

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.

Suggested Citation

  • Claude d’Aspremont & Henry Tulkens, 2006. "Commodity Exchanges as Gradient Processes," Springer Books, in: Parkash Chander & Jacques Drèze & C. Knox Lovell & Jack Mintz (ed.), Public goods, environmental externalities and fiscal competition, chapter 0, pages 81-95, Springer.
    • Handle: RePEc:spr:sprchp:978-0-387-25534-7_5
    DOI: 10.1007/978-0-387-25534-7_5
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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. Yun, Kwan Koo, 2010. "Efficient, Pareto-improving processes," Journal of Mathematical Economics, Elsevier, vol. 46(3), pages 326-331, May.
    3. Kwan Koo Yun, 2004. "Efficient Pareto-improving Processes," Econometric Society 2004 Far Eastern Meetings 784, Econometric Society.

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