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Walras's Theories of Tatonnement

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  • Walker, Donald A

Abstract

It is shown that Leon Walras developed two separate theories of tatonnement. One is a disequilibrium-production model. The other is a pledges model, in which transactions and production occur only at the equilibrium set of prices. These models are explained, and the manner in which they appear in the vari ous editions of Walras's Elements is used to account for the developm ent of conflicting interpretations of his writings on tatonnement. It is shown that the disequilibrium-production model is more representa tive of Walras's work than the pledges model and that the latter is i ncompatible with the theories of particular aspects of economic behav ior on which the Elements depends for its verisimilitude and explanat ory power. Copyright 1987 by University of Chicago Press.

Suggested Citation

  • Walker, Donald A, 1987. "Walras's Theories of Tatonnement," Journal of Political Economy, University of Chicago Press, vol. 95(4), pages 758-774, August.
    • Handle: RePEc:ucp:jpolec:v:95:y:1987:i:4:p:758-74
    DOI: 10.1086/261484
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    Cited by:

    1. Sean Crockett, 2013. "Price Dynamics In General Equilibrium Experiments," Journal of Economic Surveys, Wiley Blackwell, vol. 27(3), pages 421-438, July.
    2. Immonen, Eero, 2015. "A quantitative description for efficient financial markets," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 433(C), pages 171-181.
    3. Biais, Bruno & Glosten, Larry & Spatt, Chester, 2005. "Market microstructure: A survey of microfoundations, empirical results, and policy implications," Journal of Financial Markets, Elsevier, vol. 8(2), pages 217-264, May.
    4. Emeric Lendjel, 1999. "Tâtonnement walrassien et marchandage parétien: une approche comparative," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-03243912, HAL.
    5. Emeric Lendjel, 1999. "Tâtonnement walrassien et marchandage parétien: une approche comparative," Post-Print halshs-03243912, HAL.
    6. Petri, Fabio, 2016. "Walras on capital: interpretative insights from a review by Bortkiewicz," Centro Sraffa Working Papers CSWP17, Centro di Ricerche e Documentazione "Piero Sraffa".
    7. Verschae, Rodrigo & Kawashima, Hiroaki & Kato, Takekazu & Matsuyama, Takashi, 2016. "Coordinated energy management for inter-community imbalance minimization," Renewable Energy, Elsevier, vol. 87(P2), pages 922-935.
    8. Donald A. Walker, 1990. "Institutions and Participants in Walras's Model of Oral Pledges Markets," Revue Économique, Programme National Persée, vol. 41(4), pages 651-668.
    9. Lewis Gudgeon & Sam M. Werner & Daniel Perez & William J. Knottenbelt, 2020. "DeFi Protocols for Loanable Funds: Interest Rates, Liquidity and Market Efficiency," Papers 2006.13922, arXiv.org, revised Oct 2020.
    10. Plott, Charles & Roy, Nilanjan & Tong, Baojia, 2013. "Marshall and Walras, disequilibrium trades and the dynamics of equilibration in the continuous double auction market," Journal of Economic Behavior & Organization, Elsevier, vol. 94(C), pages 190-205.
    11. Lo Andrew W., 2019. "The Visible Hand," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 9(3), pages 1-5, December.

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