On the Theory of Effective Demand under Stochastic Rationing

Gerd Hellmut Weinrich

Risultato della ricerca: Contributo in rivistaArticolo in rivistapeer review

11 Citazioni (Scopus)


The concept of effective demand under stochastic manipulable quantity rationing is shown to be compatible with the existence of nontrivial equilibrium. It is argued that stochastic rationing is unavoidable for any satisfactory definition of effective demand. Moreover, manipulability of the rationing mechanism is necessary for reasons of logical consistency, at least if the distribution over realisations for each agent depends on his own action and on the aggregate values of demand and supply only. In that case, anonymous stochastic rationing schemes reduce to those random functions the mean value of which is the uniform proportional rationing mechanism.
Lingua originaleEnglish
pagine (da-a)95-115
Numero di pagine21
RivistaJournal of Economic Theory
Stato di pubblicazionePubblicato - 1984


  • effective demand
  • manipulability
  • stochastic rationing


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