[1] He studied at École normale supérieure (rue d'Ulm) and received a diploma at Institut d'études politiques de Paris.
[1] He was a fellow of the Econometric Society (1981[3]) and received the Guido Zerilli-Marimo Prize of the Académie des Sciences Morales et Politiques.
[5][6] He shared the concerns of Don Patinkin, Robert W. Clower, and Axel Leijonhufvud about the stability issues raised by John Maynard Keynes in chapter 19 of The General Theory.
[7][8] He used Clower's “dual-decision hypothesis“ as starting point of his models and tried to get rid of the concept of the Walrasian auction.
This led him to construct models with rationing, imperfect competition, non-clearing markets and business cycles.