摘要：This paper discusses the testable implications of the Walrasian hypotheses:H1 Observed market demand is the sum of consumer's demands derived fromutility maximization subject to budget constraints.H2 There exists an observable (locally) unique equilibrium price system such thatthe observable market demand is equal to the observable market supply inevery market.H3 The observed equilibrium price system is a (locally) stable equilibrium oftatonnement price adjustment.The main results are the Brown–Matzkin Theorem: H1 is testable, and theBrown– Shannon Theorem: H2 and H3 are not testable.
