ABSTRACT
While the axiomatic analysis of equilibrium models can determine whether a given model is consistent and complete, little analysis has been done concerning consistency and completeness of models of disequilibrium states.1 Obviously, we cannot expect to be able to assess solvability as a means of assuring consistency since, as discussed in Chapter 4, the solutions of the equilibrium models were sets of equilibrium prices that could be used possibly to explain existing prices. In this chapter I will offer a few elementary axiomatic analyses of models of ‘disequilibrium’ states. Eventually, we will need to consider how they may be used to critically assess any axiomatic analysis of disequilibrium models.
