Abstract
Walras (1874) introduced the idea of a tâtonnement to provide a theoretical account of the formation of equilibrium prices. This account was not meant to be taken descriptively but rather as a ‘Gedanken Experiment’. It was hoped that its study would provide insights into the actual modus operandi of the price mechanism.
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© 1989 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Hahn, F.H. (1989). Auctioneer. In: Eatwell, J., Milgate, M., Newman, P. (eds) General Equilibrium. The New Palgrave. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-19802-3_4
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DOI: https://doi.org/10.1007/978-1-349-19802-3_4
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