Resumen

BENETTI, Carlo. EL PROBLEMA DE LA VARIACIÓN DE LOS PRECIOS: LOS LÍMITES DE LA TEORÍA WALRASIANA. Cuad. Econ. [online]. 2001, vol.20, n.35, pp.49-69. ISSN 0121-4772.

This paper propases a general equilibrium model in all respects identical to the Walrasian one, except that it includes a mechanism by which prices change endogeneously. In this model the Walrasian auctioneer is eliminated and, consequently the problem put forward by K. Arrow is sol ved without introducing imperfect competition. This model also shows that the simple and deterministic rule of price change according to the law of supply and demand, which is exogeneous in the standard general equilibrium theory, is logically related to the Walrasian price taker individual behaviour. These two properties of the Walrasian model depend on particular and very restrictive conditions.

Palabras clave : Walrasian auctioneer; price change.