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Rationality and the LeChatelier Principle.

Abstract:

Conditions that exhaust the implications of rationality (homogeneity, symmetry, definiteness) are well known, but these apply under a single set of constraints. If a situation can be compared with another situation where extra constraints are imposed, there are stronger implications. One example is the (local) LeChatelier principle. However, a global LeChatelier principle does not always hold, and this paper shows that it cannot always hold in any nondegenerate problem. Despite this, a global...

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Journal:
Journal of Economic Theory
Volume:
87
Publication date:
1999-01-01
URN:
uuid:5024b798-2937-4bf2-9074-e8315fd9a3c7
Local pid:
oai:economics.ouls.ox.ac.uk:10964
Language:
English

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