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Kenneth J. Arrow on Markets - Dictionary of Arguments

Surowiecki I 147
Markets/Arrow/Debreu/Surowiecki: Kenneth Arrow and Gerard Debreu had shown in the 1950s that markets are efficient and mistakes are impossible here: However, this so-called "equilibrium hypothesis" was only shown with a theoretical model and not in a practical experiment. (1), (2)
Arrow/Surowiecki: in his theoretical model, buyers and sellers have extensive knowledge.

1. Kenneth J. Arrow und Gerard Debreu, »Existence of an Equilibrium for a Competitive Economy«, Econometrics 22/1954, S. 265-290. Siehe auch Arrow, »The Role of Securities in the Optional Allocation of Risk-Bearing«, Review of Economic Studies 31/1964, S. 91ff.
2. Siehe auch G. Debreu, Theory of Value (Wiley, New York 1959).

Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments
The note [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.

EconArrow I
Kenneth J. Arrow
Social Choice and Individual Values: Third Edition New Haven 2012

Surowi I
James Surowiecki
Die Weisheit der Vielen: Warum Gruppen klüger sind als Einzelne und wie wir das kollektive Wissen für unser wirtschaftliches, soziales und politisches Handeln nutzen können München 2005

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