The Underlying Thesis

Jean-Pierre Aubin
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Jean-Pierre Aubin: VIMADES (Viabilité, Marchés, Automatique et Décision)

Chapter Chapter 1 in Time and Money, 2014, pp 1-29 from Springer

Abstract: Abstract Léon Walras cleverly designed an evolutionary system guiding “Adam Smith’s invisible hand”: the Walras tâtonnement is regarded as a mathematical translation of the law of supply and demand. It describes an a priori dynamical process governing the evolution of prices. If this evolution converges to a price, which is a (mathematical) equilibrium, it happens to be viable by design.

Keywords: Economic Agent; Temporal Window; Credit Default Swap; Viability Theory; General Equilibrium Theory (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:lnechp:978-3-319-00005-3_1

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DOI: 10.1007/978-3-319-00005-3_1

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