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The Sonnenschein–Mantel–Debreu theorem is an important result in general equilibrium economics, proved by Gérard Debreu, , and Hugo F. Sonnenschein in the 1970s. It states that the excess demand curve for an exchange economy populated with utility-maximizing rational agents can take the shape of any function that is continuous, has homogeneity degree zero, and is in accordance with Walras's law. This implies that the excess demand function does not take a well-behaved form even if each agent has a well-behaved utility function. Market processes will not necessarily reach a unique and stable equilibrium point.

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rdf:type	yago:Abstraction100002137 yago:Cognition100023271 yago:Communication100033020 yago:EconomicTheory105994935 yago:Explanation105793000 yago:HigherCognitiveProcess105770664 yago:Message106598915 yago:Process105701363 yago:Proposition106750804 yago:PsychologicalFeature100023100 yago:Statement106722453 yago:Theorem106752293 yago:Theory105989479 yago:Thinking105770926 yago:WikicatEconomicTheories yago:WikicatEconomicsTheorems
rdfs:label	Sonnenschein-Mantel-Debreu-Theorem (de) Teorema de Sonnenschein-Mantel-Debreu (es) Théorème de Sonnenschein (fr) Sonnenschein–Mantel–Debreu theorem (en) Teorema de Sonnenschein–Mantel–Debreu (pt)
rdfs:comment	Als Sonnenschein-Mantel-Debreu-Theorem bezeichnet man in der Mikroökonomik und dort speziell in der Theorie des allgemeinen Gleichgewichts einen auf Hugo F. Sonnenschein, und Gérard Debreu zurückgehenden Satz. Er besagt vereinfacht, dass die aggregierten Überschussnachfragefunktionen, die zu einem mit gängigen Annahmen konstruierten Modell des allgemeinen Gleichgewichts gehören, nur über einige bestimmte, allgemeine Eigenschaften verfügen, ansonsten aber keine konkreten Aussagen über ihre Gestalt möglich sind. (de) El teorema económico formulado en primer lugar por Hugo F. Sonnenschein en 1972 y 1973 (y complementado en 1974 por Rolf Mantel y Gérard Debreu) evidencia que las funciones de demanda y oferta resultantes del modelo de equilibrio general de Arrow-Debreu pueden asumir cualquier forma, lo cual refuta las conclusiones de unicidad y estabilidad del equilibrio general. Este teorema, es por tanto un resultado fundamental para la teoría general de equilibrio económico. (es) Le théorème de Sonnenschein, établi entre 1972 et 1974 dans une série d'articles par Hugo F. Sonnenschein, et Gérard Debreu, d'où le fait qu'on l'appelle aussi théorème de Sonnenschein-Mantel-Debreu, montre que les fonctions de demande nette du modèle de Kenneth Arrow et Gérard Debreu de l'équilibre général peuvent avoir une forme quelconque, ce qui empêche de tirer de ce modèle des résultats (unicité, stabilité, "lois" de statique comparative) autres que l'existence d'au moins un équilibre général. (fr) O teorema de Sonnenschein–Mantel–Debreu (nomeado após Gérard Debreu, [es], e Hugo F. Sonnenschein) é um resultado em economia de equilíbrio geral. Ele afirma que a função excesso de demanda para uma economia não é restringida pelas usuais restrições de racionalidade sobre demandas individuais na economia. Assim, premissas de racionalidade microeconômicas não tem implicações macroeconômicas equivalentes. As principais implicações do teorema são que, com muitos mercados interdependentes dentro da economia, pode não existir um único ponto de equilíbrio. considerou o teorema como a crítica mais perigosa contra economia ortodoxa micro-fundamentada. (pt) The Sonnenschein–Mantel–Debreu theorem is an important result in general equilibrium economics, proved by Gérard Debreu, , and Hugo F. Sonnenschein in the 1970s. It states that the excess demand curve for an exchange economy populated with utility-maximizing rational agents can take the shape of any function that is continuous, has homogeneity degree zero, and is in accordance with Walras's law. This implies that the excess demand function does not take a well-behaved form even if each agent has a well-behaved utility function. Market processes will not necessarily reach a unique and stable equilibrium point. (en)
foaf:depiction
dcterms:subject	General equilibrium theory Macroeconomic theories Economics theorems
Wikipage page ID	4519721 (xsd:integer)
Wikipage revision ID	1124295887 (xsd:integer)
Link from a Wikipage to another Wikipage	Homogeneous function Hugo F. Sonnenschein Utility maximization problem Incomplete markets Ivar Ekeland Continuous function Neoclassical economics Frank Ackerman Frank Hahn Function (mathematics) General equilibrium theory Corollary Andreu Mas-Colell Léon Walras Comparative statics Demand curve Mathematical economics Microeconomics Microfoundations Walrasian auction Aggregate demand Aggregation problem Topology Werner Hildenbrand Law of demand Social welfare function Smoothness Economics Vector (mathematics and physics) Falsifiability Rational choice theory Gérard Debreu General equilibrium theory Macroeconomic theories Economic equilibrium Homothetic preferences Economics theorems Manifold Polynomial Vector calculus Shortage Utility function Rosa Matzkin Excess demand function Pierre-André Chiappori Walras's law Pareto efficient Nonlinear system Overproduction Thorsten Hens Regular economies Homogenous function Hopf index theorem
Link from a Wikipage to an external page	https://books.google.com/books%3Fid=2UkABAAAQBAJ https://semanticscholar.org/paper/e9eb7a4a1f8c062c5ba3755ac83ea8320932dae8 https://sites.tufts.edu/gdae/files/2019/10/00-01Ackerman_StillDead.pdf https://www.econometricsociety.org/publications/econometrica/1996/11/01/testable-restrictions-equilibrium-manifold http://www.econ.uzh.ch/static/wp_iew/iewwp096.pdf https://www.sciencedirect.com/science/article/pii/S1573438282020098 https://www.zora.uzh.ch/id/eprint/62195/4/wp2002-10.pdf http://ebour.com.ar/pdfs/Rizvi%20The%20Sonnenschein%20Mantel%20Debreu%20Results%20after%20Thirty%20Years.pdf https://books.google.com/books%3Fid=bv72AwAAQBAJ
sameAs	Sonnenschein–Mantel–Debreu theorem Sonnenschein–Mantel–Debreu theorem Sonnenschein–Mantel–Debreu theorem Sonnenschein–Mantel–Debreu theorem Sonnenschein–Mantel–Debreu theorem

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