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Three Lectures on the Walrasian Hypotheses for Exchange Economies

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Author Info
Brown, D.J.

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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.

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Publisher Info
Paper provided by Yale - Economic Growth Center in its series Papers with number 782.

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Length: 17 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:fth:yalegr:782

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Related research
Keywords: GENERAL EQUILIBRIUM ; TESTS;

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C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Hypothesis Testing

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This page was last updated on 2009-10-24.

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