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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]

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  • Jean-Sébastien Lenfant

    (CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

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.

Suggested Citation

  • Jean-Sébastien Lenfant, 2005. "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 da," Post-Print hal-01712704, HAL.
    • Handle: RePEc:hal:journl:hal-01712704
    DOI: 10.3917/reco.564.0855
    Note: View the original document on HAL open archive server: https://hal.science/hal-01712704
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    References listed on IDEAS

    as
    1. Mantel, Rolf R., 1974. "On the characterization of aggregate excess demand," Journal of Economic Theory, Elsevier, vol. 7(3), pages 348-353, March.
    2. Allais, Maurice, 1997. "An Outline of My Main Contributions to Economic Science," American Economic Review, American Economic Association, vol. 87(6), pages 3-12, December.
    3. repec:adr:anecst:y:1989:i:14:p:02 is not listed on IDEAS
    4. Jean-Michel Grandmont, 1989. "Rapport sur les travaux scientifiques de Maurice Allais," Annals of Economics and Statistics, GENES, issue 14, pages 25-38.
    5. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
    6. repec:bla:scandj:v:91:y:1989:i:1:p:5-16 is not listed on IDEAS
    7. Sonnenschein, Hugo, 1973. "Do Walras' identity and continuity characterize the class of community excess demand functions?," Journal of Economic Theory, Elsevier, vol. 6(4), pages 345-354, August.
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