Rationality and the LeChatelier principle
成果类型：
Article
署名作者：
Roberts, K
署名单位：
University of Oxford
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1999.2544
发表日期：
1999
页码：
416-428
关键词：
摘要：
Conditions that exhaust the implications of rationality (homogeneity, symmetry, definiteness) are well known, but these apply under a single set of constraints. If a situation can be compared with another situation where extra constraints are imposed, there are stronger implications. One example is the (local) LeChatelier principle. However, a global LeChatelier principle does not always hold, and this paper shows that it cannot always hold in any nondegenerate problem. Despite this, a global LeChatelier principle in expectation is shown to apply with weak conditions on the density underlying the expectation. This principle is implied by and exhausts the implications of rationality. (C) 1999 Academic Press.