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Three Lectures on the Walrasian Hypotheses for Exchange Economies

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  • Donald J. Brown

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    (Department of Economics, Yale University)

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    Abstract

    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 tƒtonnement price adjustment. The main results are the Brown Matzkin Theorem: H1 is testable, and the Brown Shannon Theorem: H2 and H3 are not testable.

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    File URL: http://www.econ.yale.edu/growth_pdf/cdp782.pdf
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    Bibliographic Info

    Paper provided by Economic Growth Center, Yale University in its series Working Papers with number 782.

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    Length: 17 pages
    Date of creation: Aug 1997
    Date of revision:
    Handle: RePEc:egc:wpaper:782

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    Keywords: Exchange Economies; Testable Restrictions;

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