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 tatonnement price adjustment.
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|Date of creation:||1997|
|Date of revision:|
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