Arbeitspapier
Three Lectures on the Walrasian Hypotheses for Exchange Economies
This paper discusses the testable implications of the Walrasian hypotheses: H1 Observed market demand is the sum of consumer's demands derived from utility maximization subject to budget constraints. H2 There exists an observable (locally) unique equilibrium price system such that the observable market demand is equal to the observable market supply in every market. H3 The observed equilibrium price system is a (locally) stable equilibrium of ttonnement price adjustment. The main results are the Brown Matzkin Theorem: H1 is testable, and the Brown Shannon Theorem: H2 and H3 are not testable.
- Sprache
-
Englisch
- Erschienen in
-
Series: Center Discussion Paper ; No. 782
- Klassifikation
-
Wirtschaft
- Thema
-
Exchange Economies
Testable Restrictions
Tauschwirtschaft
Allgemeines Gleichgewicht
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Brown, Donald J.
- Ereignis
-
Veröffentlichung
- (wer)
-
Yale University, Economic Growth Center
- (wo)
-
New Haven, CT
- (wann)
-
1997
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Brown, Donald J.
- Yale University, Economic Growth Center
Entstanden
- 1997
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