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ARROW AND DEBREU DE-HOMOGENIZED

Published online by Cambridge University Press:  14 November 2012

TILL DÜPPE
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Abstract

To this day, the so-called Arrow–Debreu model represents a trademark of rigorous economic research—be it as a benchmark for extending the model, for weakening its assumptions, for structuring data sets, or for providing alternative models. But who should earn the credit? Arrow or Debreu? This essay presents “the making of” Arrow’s and Debreu’s joint article of 1954 as documented in their extensive letter exchange between their first contact in February 1952 and submission in May 1953. I show, pivotally, that Arrow and Debreu did not share the same interest in their work, that they played different roles, and drew different lessons from it. Moreover, neither Arrow nor Debreu can be identified with the way the profession would later refer to the Arrow–Debreu model. To the contrary, both, in their own ways, sought to counter what others perceived as limitations when placing their hopes in the model.

Type
Articles
Information
Journal of the History of Economic Thought , Volume 34 , Issue 4 , December 2012 , pp. 491 - 514
Copyright
Copyright © The History of Economics Society 2012

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