Abstract: | We prove that the individual demand function satisfying the Weak Axiom of Revealed Preference and the excess demand function satisfying the Wald’s Axiom are pseudomonotone*+, a new class of generalized monotonicity. With this new concept, we refine the characterization of Zhou for the individual demand function. In particular, a full characterization for the excess demand functions satisfying the Wald’s Axiom is derived. |