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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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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 13 August 2020

The Market

The Market

(p.275) IV.3 The Market
Logic of Choice and Economic Theory

S. N. Afriat

Oxford University Press

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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