Taking Pure Theory to Data: Arrow’s Seminal Contribution

Robert M. Townsend

Chapter 22 in Arrow and the Ascent of Modern Economic Theory, 1987, pp 675-681 from Palgrave Macmillan

Abstract: Abstract It is sometimes thought that the Arrow-Debreu model is a strange if not dubious starting point for empirical work. This short note honouring Arrow’s (1953) seminal contribution takes the opposite point of view. It argues that the Arrow-Debreu model is rich in empirical implications, both directly, on its own, and indirectly, as the fountainhead of contributions that seek to explain otherwise anomalous observations.

Keywords: Private Information; Competitive Equilibrium; General Equilibrium Model; Contingent Claim; Incentive Compatibility (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-07239-2_22

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DOI: 10.1007/978-1-349-07239-2_22

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