Disequilibrium and Equilibrium in Walras's Model of Oral Pledges Markets

Donald A. Walker

Revue Économique, 1990, vol. 41, issue 6, 961-978

Abstract: [fre] Disequilibrium and Equilibrium in Walras's Model of Oral Pledges Markets. . Pendant beaucoup d'années, l'opinion exprimée dans la littérature sur les œuvres de Léon Walras considérait qu'il a failli à décrire le fonctionnement déséquilibré des marchés dans sa théorie de l'échange. On constate, au contraire, que dans son modèle d'un marché concurrentiel avec engagements oraux il a fourni une exposition complète de ce fonctionnement. Walras a indu beaucoup de pratiques réelles des échangeurs dans son modèle. Il a donné une explication sur qui change le prix, comment les offres d'acheter et de vendre sont réalisées, comment les agents travaillent pour leurs clients, comment le prix coté converge vers le point d'équilibre, et comment on apprend quand l'excédent de la demande est réduite à zéro. On montre aussi que le modèle d'engagements oraux de Walras est un cas particulier. [eng] Disequilibrium and equilibrium in walras's model of oral pledges markets. . For many years the opinion has been expressed in the literature on Leon Walras's work that he failed to depict the disequilibrium behavior of the markets in his theory of exchange. It is shown that in actuality in his model of a freely competitive organized oral pledges market he provided a fully articulated account of that behavior. He incorporated many real trading practices into the model, and explained who changes the price, how offers to buy and sell are made, how agents act on behalf of their clients, how the quoted price converges to equilibrium, and how it is known when the market excess demand is zero. It is also shown that Walras's model of oral pledges market is a special case.

Date: 1990
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