Abstract:
This paper is a continuation of the author’s paper “Economic equilibrium and the aggregation of buyers: the rehabilitation of the Wald’s theorem» (ZhET. 2011. № 3), where the classical theory of general economic equilibrium has been reconsidered on example of the Cassel-Wald economy model on the basis of the author’s concept of market demand, which is the original object of modeling. In this paper, the Cassel-Wald model is modified via changing classical demand which is generated by the collective utility function on generalized market demand which is generated by the vector field of preferences. The Wald’s theorem on the existence and uniqueness of equilibrium is being trivially extended on the new model.
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