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[size=13.199999809265137px]The Sonnenschein-Mantel-Debreu Theorem is a result in general equilibrium economics. It states that the system of General equilibrium analysis cannot be usefully applied to understand real life economies since it makes imprecise predictions (i.e. “Anything Goes”). Others have countered that there is no a priori reason why one should expect a real life economy to have a unique equilibrium and hence the possibility of multiple outcomes is in fact a realistic feature of the theory, with the saving grace that it is still possible to analyze local shocks.
Selected publications- Debreu, G. (1974). [Expression error: Missing operand for > "Excess demand functions"]. Journal of Mathematical Economics 1: 15–21. doi:doi:doi:doi:10.2307/1913184
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