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Logic of Choice and Economic Theory$
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S. N. Afriat

Print publication date: 1987

Print ISBN-13: 9780198284611

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198284616.001.0001

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The Market

The Market

Chapter:
(p.275) IV.3 The Market
Source:
Logic of Choice and Economic Theory
Author(s):

S. N. Afriat

Publisher:
Oxford University Press
DOI:10.1093/0198284616.003.0020

This is the third of six chapters on the logic of price. It deals with the phenomenon of the market, and starts with a discourse on the ‘logic of price’ and a critique of the supply and demand theory. The considerations are taken further with reference to a very simple but none the less adequate linear market model, with an appeal to theorems about distribution matrices known from the theory of Markov processes; a further treatment, without the linearity, involves the KKM lemma. Global stability for a loosely defined tâtonnement is demonstrated from a convergence of infinite products of distribution matrices, analogous to the familiar convergence of powers. The nine sections of the chapter are: the logic of price; supply and demand; price formation; market functions; intercept and slope; linear markets; tâtonnement; continuous markets; and uniqueness and stability.

Keywords:   continuous markets, distribution matrices, KKM lemma, linear market model, market, market functions, market models, Markov processes, price, supply and demand theory, tâtonnement

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