Abstract
In Ch.16 an existence proof was proposed ‘via’ (16.13), interpreted as a formalization of the law of demand and supply. At least apparently, to add (16.13) to the general competitive equilibrium model of the previous chapter means, in a sense, adding a new agent, whose behaviour is mimicked by (16.13), to the sets of consumers and firms. One can think of this new agent, generally called auctioneer, as operating instantly, at no cost, and with a full knowledge of the optimal choices selected by each agent at any possible price vector.
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© 2000 Springer-Verlag Berlin Heidelberg
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Nicola, P. (2000). Stability and More. In: Mainstream Mathematical Economics in the 20th Century. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-04238-0_17
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DOI: https://doi.org/10.1007/978-3-662-04238-0_17
Publisher Name: Springer, Berlin, Heidelberg
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