The Sonnenschein-Mantel-Debreu results severely limit macroeconomic foundations
The Sonnenschein-Mantel-Debreu results show that standard microeconomic foundations do not guarantee well-behaved aggregate demand, heavily limiting traditional macro-foundations.
The retrieved literature (e.g., Papers 4 and 5) directly invokes the Sonnenschein-Mantel-Debreu theorem to highlight how standard microeconomic foundations fail to constrain aggregate dynamics, supporting the claim that these results severely limit macroeconomic foundations.
Cincotti S, Raberto M, Teglio A. Why do we need agent-based macroeconomics?. 2022. https://doi.org/10.1007/s43253-022-00071-w
Paper 2 argues that the limitations of the neoclassical approach, including reductionist micro-foundations, necessitate alternative methods like agent-based macroeconomics.
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Jonathan Hartley. A Forward-Looking Sonnenschein–Mantel–Debreu Theorem. 2026. https://doi.org/10.2139/ssrn.7035547
Paper 4 explicitly acknowledges that the Sonnenschein-Mantel-Debreu theorem demonstrates how aggregate excess demand lacks restrictions despite well-behaved micro preferences, motivating forward-looking alternatives.
Jonathan Hartley. A Forward-Looking Sonnenschein-Mantel-Debreu Theorem. 2026. https://doi.org/10.2139/ssrn.6983546
Paper 5 reaffirms the premise of the Sonnenschein-Mantel-Debreu theorem regarding the arbitrary nature of unconstrained aggregate excess demand from micro foundations.
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