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Abraham Wald's equilibrium existence proof reconsidered

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  • Reinhard John

    ()
    (Wirtschaftstheoretische Abteilung II, UniversitÄt Bonn, Adenauerallee 24-42, D-53113 Bonn, GERMANY)

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    Abstract

    For his proof of the existence of a general competitive equilibrium Abraham Wald assumed a strictly pseudomonotone inverse market demand function or, equivalently, that market demand satisfies the Weak Axiom of Revealed Preference. It is well known that more recent existence theorems do not need this assumption. In order to clarify its role in Wald's proof, the question of existence of an equilibrium for a modified version of the Walras-Cassel model is reduced to the solvability of a related variational inequality problem. In general, the existence of a solution to such a problem can only be proved by advanced mathematical methods. We provide an elementary induction proof which demonstrates the essence of Abraham Wald's famous contribution.

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    Bibliographic Info

    Article provided by Springer in its journal Economic Theory.

    Volume (Year): 13 (1999)
    Issue (Month): 2 ()
    Pages: 417-428

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    Handle: RePEc:spr:joecth:v:13:y:1999:i:2:p:417-428

    Note: Received: July 22, 1997; revised version: December 11, 1997
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    Related research

    Keywords: Abraham Wald · Existence of equilibrium · Pseudomonotonicity · Variational inequality problem.;

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    Cited by:
    1. Móczár, József, 2006. "Arrow-Debreu-modell és a Kornai-kritika harminc év után
      [The Arrow-Debreu Model and Kornai s critique, thirty years after]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 175-194.
    2. John Quah, 2004. "The existence of equilibrium when excess demand obeys the weak axiom," Economics Series Working Papers 2004-W07, University of Oxford, Department of Economics.

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