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| Author: | John, R. |
| Title: | Abraham Wald's equilibrium existence proof reconsidered |
| Journal: | Economic Theory
1999 : VOL. 13:2, p. 417-428 |
| Index terms: | ECONOMICS COMPETITION EQUILIBRIUM THEORY |
| Language: | eng |
| Abstract: | For his proof of the existence of a general competitive equilibrium Abraham Wald assumed a strictly pseudomonotone inverse market demand function, or equivalently, that market demand satisfies the Weak Axiom of Revealed Preference. it is well known that more recent existence theorems do not need this assumption. The authors provide an elementary induction proof which demonstrates the essence of Abraham Wald's famous contribution. |
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