Individual psychology and the stability of a general competitive equilibrium in Maurice Allais' Traité d'économie pure

Psychologie individuelle et stabilité d'un équilibre général concurrentiel dans le Traité d'économie pure de Maurice Allais

Jean-Sébastien Lenfant ()

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: This article analyses Maurice Allais's contribution to the study of the stability of a competitive equilibrium. In his Traité d'économie pure (1943), he demonstrates the local stability of a walrasian economy under a set of hypothesis tantamount to gross substitutability (Negishi, 1962). However, it would be unfair to reduce his contribution to this set of sufficient conditions. Allais's purpose is much more ambitious, to the extent that he endeavours to ground stability on a set of introspectively appealing assumptions, built on a detailed and sophisticated theory of choice. He aims at conciliating the realism of assumptions and the logical rigor of the demonstration. In this article, we highlight the psychological foundations of general equilibrium analysis in Allais's thought.

Keywords: General equilibrium theory; choice theory; Substitutability; Stability; Théorie de l’équilibre général; Théorie des choix; Substituabilité; Stabilité (search for similar items in EconPapers)
Date: 2005-10-01
Note: View the original document on HAL open archive server: https://hal.science/hal-01712704
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published in Revue Economique, 2005, Revue économique, 56 (4), pp.855-888. ⟨10.3917/reco.564.0855⟩

Downloads: (external link)
https://hal.science/hal-01712704/document (application/pdf)

Related works:
Working Paper: Individual psychology and the stability of a general competitive equilibrium in Maurice Allais' Traité d'économie pure (2005)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:hal-01712704

DOI: 10.3917/reco.564.0855

Access Statistics for this paper

More papers in Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL
Bibliographic data for series maintained by CCSD ().