Sonnenschein-Mantel-Debreu theorem

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[edit] The Sonnenschein-Mantel-Debreu Theorem

The Sonnenschein-Mantel-Debreu theorem states that the system of excess demand functions pertaining to an economy with sufficiently many agents is in no way restricted by the usual rationality restrictions pertaining to the demands of the individuals making up the economy. Microeconomic rationality assumtions entail, thus, no macroeconomic implications.

[edit] Selected publications

  • Debreu, G. (1974). "Excess demand functions". Journal of Mathematical Economics 1: 15-21. 
  • Mantel, R. (1974). "On the characterization of aggregate excess demand". Journal of Economic Theory 7: 348-353. 
  • Sonnenschein, H. (1973). "Do Walras' identity and continuity characterize the class of community excess demand functions?". Journal of Economic Theory 6: 345-354. 
  • Sonnenschein, H. (1974). "Excess demand functions". Econometrica 40: 549-563. 
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