Journal Article Surplus-sharing Local Games in Dynamic Exchange Processes Get access Henry Tulkens, Henry Tulkens CORE, Université Catholique de Louvain Search for other works by this author on: Oxford Academic Google Scholar Shmuel Zamir Shmuel Zamir Hebrew University of Jeruslaem Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 46, Issue 2, April 1979, Pages 305–313, https://doi.org/10.2307/2297053 Published: 01 April 1979 Article history Received: 01 May 1976 Accepted: 01 April 1978 Published: 01 April 1979

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.