Implications of Microeconomic Theory for Community Excess Demand Functions
A series of results, related to Sonnenschein's conjecture that Walras' Law is the only significant restriction microeconomic theory imposes on community demand and excess demand functions are surveyed and extended. These results have important implications for general equilibrium theory, both in questions of existence and stability, and for empirical work.
|Date of creation:||1975|
|Date of revision:|
|Publication status:||Published in Frontiers of Quantitative Economics, Vol. III, North-Holland, 1977, pp. 111-126|
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- McFadden, Daniel & Mas-Colell, Andreu & Mantel, Rolf & Richter, Marcel K., 1974. "A characterization of community excess demand functions," Journal of Economic Theory, Elsevier, vol. 9(4), pages 361-374, December.
- Dierker, Egbert, 1972. "Two Remarks on the Number of Equilibria of an Economy," Econometrica, Econometric Society, vol. 40(5), pages 951-53, September.
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