2011 № 3

Economic equilibrium and buyers aggregation: rehabilitation of the Wald’s theorem

Abstract:

The traditional scheme of the construction of market demand as the sum of demands of independent classically rational consumers derived from utility maximization leads to the known demand aggregation paradoxes of Gorman and Sonnenschein-Mantel-Debreu and to pathological properties of economic equilibrium of the model of Arrow-Debreu. Paradoxes are being eliminated on the basis of the author’s concept of market demand as an a priori object of the theoretical description of the market and mathematical modelling. Representation of market demand by means of a collective utility function provides naturalness of the Wald-Samuelson condition (Weak Ax- iom of Revealed Preference) in the Cassel-Wald model. This ensures uniqueness of equilibrium (Wald’s Theo- rem) and provides this model the computability property.

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Vladimir K. Gorbunov – Dr. Sci. (Phys.-Math.), Professor, Ulyanovsk State University (Ulyanovsk, Russian Federation; e-mail: vkgorbunov@mail.ru).