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Three Lectures on the Walrasian Hypotheses for Exchange Economies

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  • Brown, D.J.

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 tatonnement price adjustment.

Suggested Citation

  • Brown, D.J., 1997. "Three Lectures on the Walrasian Hypotheses for Exchange Economies," Papers 782, Yale - Economic Growth Center.
    • Handle: RePEc:fth:yalegr:782
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    Cited by:

    1. Fernandez-Anaya, Guillermo & Alvarez-Ramirez, Jose & Ibarra-Valdez, Carlos, 2007. "On feedback and stable price adjustment mechanisms," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 377(1), pages 211-226.

    More about this item

    Keywords

    GENERAL EQUILIBRIUM ; TESTS;

    JEL classification:

    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General

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