In other words, Sonnenschein–Mantel–Debreu raises questions about the degree to which general equilibrium theory can produce testable predictions about aggregate market variables. For this reason, Andreu Mas-Colell referred to the theorem as the “Anything Goes Theorem” in his graduate-level microeconomics textbook.
In other words, Sonnenschein–Mantel–Debreu raises doubts about the extent to which general equilibrium theory can generate empirically verifiable forecasts regarding aggregate market factors. For this reason, Andreu Mas-Colell referred to the theorem as the “Anything Goes Theorem” in his graduate-level microeconomics textbook.