English, Article, Journal or magazine article edition: The LeChatelier Principle Paul Milgrom; John Roberts

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Bookmark: http://trove.nla.gov.au/version/142979
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The LeChatelier Principle
Author
  • Paul Milgrom
  • John Roberts
Physical Description
  • preprint
Notes
  • Forthcoming in the American Economic Review The LeChatelier principle, in the form introduced into economics by Samuelson, asserts that at a point of long-run equilibrium, the derivative of long-run compensated demand with respect to own price is larger in magnitude than the derivative of short-run compensated demand. We introduce an extended LeChatelier principle that applies also to large price changes and to uncompensated demand as well as to a wide range of concave and nonconcave maximization problems outside the scope of demand theory. This extension also clarifies the intuitive basis of the principle. JEL classification numbers: C60, D10, D20.
  • RePEc:wop:stanec:95007
Language
  • English
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