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Murray C. Kemp

Macquarie University and Koji Shimomura, Kobe University, Japan
1 article in our journals

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Research ArticleOpen accessPrice-Taking in General EquilibriumMurray C. KempThe Arrow-Debreu and McKenzie existence propositions of 1954 rest on the assumption of price-taking behaviour by households and firms. No attempt was made to justify the assumption or to relate it to other assumptions. It is here suggested that, given other assumptions common to the Arrow-Debreu and McKenzie models, price-taking implies that each household is incompletely informed and/or incompletely rational. … …American Journal of Applied Sciences, Vol. 2, Issue 13 · 22 Dec 2005 · 7,721 accessesView PDFCite