tâtonnement process
E588136
The tâtonnement process is an economic adjustment mechanism, introduced by Léon Walras, in which prices are iteratively revised in response to excess demand or supply until a general equilibrium is reached without actual trades occurring out of equilibrium.
All labels observed (1)
| Label | Occurrences |
|---|---|
| tâtonnement process canonical | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T6363761 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: tâtonnement process Context triple: [Léon Walras, knownFor, tâtonnement process]
-
A.
Blanchard
Blanchard is a French surname borne by numerous notable figures, including economists, politicians, and artists.
-
B.
Les Tendances nouvelles
Les Tendances nouvelles is a written work by French Post-Impressionist artist and theorist Émile Bernard, reflecting his ideas on modern art and aesthetics.
-
C.
Tournier
Tournier is a surname of French origin, sometimes used as a variant of the English surname Turner.
-
D.
Labouret
Labouret is a French surname associated with individuals such as Marie-Louise Élisabeth Labouret.
-
E.
Pouzin
Pouzin is a French surname most notably associated with Louis Pouzin, a pioneering computer scientist whose work on datagram-based networking helped lay the foundations of the modern internet.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: tâtonnement process Target entity description: The tâtonnement process is an economic adjustment mechanism, introduced by Léon Walras, in which prices are iteratively revised in response to excess demand or supply until a general equilibrium is reached without actual trades occurring out of equilibrium.
-
A.
Blanchard
Blanchard is a French surname borne by numerous notable figures, including economists, politicians, and artists.
-
B.
Les Tendances nouvelles
Les Tendances nouvelles is a written work by French Post-Impressionist artist and theorist Émile Bernard, reflecting his ideas on modern art and aesthetics.
-
C.
Tournier
Tournier is a surname of French origin, sometimes used as a variant of the English surname Turner.
-
D.
Labouret
Labouret is a French surname associated with individuals such as Marie-Louise Élisabeth Labouret.
-
E.
Pouzin
Pouzin is a French surname most notably associated with Louis Pouzin, a pioneering computer scientist whose work on datagram-based networking helped lay the foundations of the modern internet.
- F. None of above. chosen
Statements (46)
| Predicate | Object |
|---|---|
| instanceOf |
economic adjustment mechanism
ⓘ
general equilibrium concept ⓘ price adjustment process ⓘ |
| appliesTo |
exchange economies
ⓘ
multi-market economies ⓘ production economies ⓘ |
| assumes | centralized price setting by an auctioneer ⓘ |
| assumption |
agents take prices as given
ⓘ
markets are cleared only at equilibrium prices ⓘ no trades occur out of equilibrium ⓘ |
| characteristic |
discrete or continuous price adjustments
ⓘ
dynamic adjustment path toward equilibrium ⓘ no quantity trading during adjustment ⓘ |
| conditionForConvergence |
gross substitutability of excess demand functions
ⓘ
stability of excess demand functions ⓘ |
| contrastedWith |
non-tâtonnement adjustment processes
ⓘ
quantity adjustment mechanisms ⓘ |
| coreIdea | prices are iteratively revised in response to excess demand or supply ⓘ |
| criticizedFor |
ignoring quantity rationing during adjustment
ⓘ
lack of realism about no trade out of equilibrium ⓘ potential instability or cycles in some economies ⓘ |
| equilibriumCondition | market demand equals market supply in all markets ⓘ |
| etymology | from French "tâtonner" meaning "to grope" or "to grope one’s way" ⓘ |
| field |
general equilibrium theory
ⓘ
microeconomics ⓘ |
| goal | reach general equilibrium ⓘ |
| historicalContext | developed in late 19th century ⓘ |
| idealizationOf | how competitive markets might adjust toward equilibrium ⓘ |
| influenced | modern dynamic general equilibrium models ⓘ |
| influencedBy | Léon Walras’s Elements of Pure Economics NERFINISHED ⓘ |
| introducedBy | Léon Walras NERFINISHED ⓘ |
| involves |
calculation of excess demand in each market
ⓘ
iterative price revision until excess demand is zero ⓘ |
| languageOfOrigin | French ⓘ |
| mathematicalFormulation |
difference equations for iterative price updates
ⓘ
differential equations for price dynamics ⓘ |
| mechanism | auctioneer adjusts prices based on excess demand ⓘ |
| relatedConcept |
Walrasian auctioneer
NERFINISHED
ⓘ
Walrasian equilibrium NERFINISHED ⓘ general competitive equilibrium ⓘ |
| relatedResult |
Arrow–Hurwicz stability analysis
NERFINISHED
ⓘ
Sonnenschein–Mantel–Debreu results on excess demand ⓘ |
| requiresInformation | knowledge of aggregate excess demand in each period ⓘ |
| teaches | conceptual separation between trading and price formation ⓘ |
| usedIn |
stability analysis of general equilibrium
ⓘ
theoretical analysis of market stability ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: tâtonnement process Description of subject: The tâtonnement process is an economic adjustment mechanism, introduced by Léon Walras, in which prices are iteratively revised in response to excess demand or supply until a general equilibrium is reached without actual trades occurring out of equilibrium.
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.
subject surface form:
Léon Walras