The process of exploration (English spelling)

Japanese: 模索過程 - もさくかてい(英語表記)tâtonnement process
The process of exploration (English spelling)
A trial and error process devised to explain the process of achieving market equilibrium. It was first proposed by L. Walras, the founder of general equilibrium theory. The price that brings about a match between supply and demand in the market is called the equilibrium price. In order to explain how this market equilibrium is achieved, in addition to demanders and suppliers, we assume the existence of an auctioneer who performs the following functions. First, the auctioneer offers a certain price. Each supplier and buyer informs the auctioneer of their supply and demand at this price.

Source: Heibonsha World Encyclopedia, 2nd Edition Information

Japanese:
市場均衡の達成過程を説明するために考えだされた試行錯誤の過程。一般均衡理論の創始者L.ワルラスにより最初に提示された。市場で需要と供給の一致をもたらす価格を均衡価格というが,この市場均衡はどのようにして達成されるかを説明するために,需要者と供給者のほかに,つぎの機能を果たす〈せり人auctioneer〉の存在を仮想する。まず,せり人はある価格を提示する。各需給者はこの価格での需給量をせり人に伝える。

出典 株式会社平凡社世界大百科事典 第2版について 情報

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