Econometrica

Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Home> Publications> Econometrica>An Axiomatic Characterization of the Price Mechanism

Econometrica: May, 1974, Volume 42, Issue 3

An Axiomatic Characterization of the Price Mechanism

https://www.jstor.org/stable/1911782
p. 425-434

Hugo Sonnenschein

A set of independent axioms are exhibited which characterize the price mechanism. The Debreu-Scarf limit theorem on the core of an economy and a category theory viewpoint are employed in the analysis.

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