Three Lectures on the Walrasian Hypotheses for Exchange Economies

Donald Brown ()

Working Papers from Yale - Economic Growth Center

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.

Keywords: GENERAL EQUILIBRIUM; TESTS (search for similar items in EconPapers)
JEL-codes: C12 (search for similar items in EconPapers)
Pages: 17 pages
Date: 1997
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:fth:yalegr:782

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