Economics of Markets : Neoclassical Theory, Experiments, and Theory of Classical Price Discovery Hardback
by Sabiou M. Inoua, Vernon L. Smith
Hardback
Description
This book establishes that neoclassical economics based on the marginal utility calculus failed to derive a theory of consumer market price discovery consistent with the experimental market evidence.
Such markets involve inherently discrete final-demand items bought for consumption and not subject to resale.
Classical economists following Adam Smith articulated a rich narrative of price discovery theory consistent with experimental evidence based on operational concepts of discrete demand values (maximum willingness-to-pay), and symmetrically, supply costs (minimum willingness-to-accept).
We develop and extend a mathematical model of classical market price formation.
Chapter 1 & 2 describes this theme and chapter 3 connects it with experiments.
Chapter 4 builds on experimental examples for an intuitive overview of the theory.
A partial equilibrium version of the theory constitutes Chapter 5.
Chapter 6 extends this framework to price formation by wealth constrained agents in multiple-goods markets.
Chapter 7 applies this framework to the study of re-tradable durable-goods and financial claims that are subject to sources of instability absent in markets for consumer non-durables.
Information
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Only a few left - usually despatched within 24 hours
- Format:Hardback
- Pages:189 pages, 1 Illustrations, color; 23 Illustrations, black and white; XIII, 189 p. 24 illus., 1 illu
- Publisher:Springer International Publishing AG
- Publication Date:28/11/2022
- Category:
- ISBN:9783031084270
£39.99
£36.35
Information
-
Only a few left - usually despatched within 24 hours
- Format:Hardback
- Pages:189 pages, 1 Illustrations, color; 23 Illustrations, black and white; XIII, 189 p. 24 illus., 1 illu
- Publisher:Springer International Publishing AG
- Publication Date:28/11/2022
- Category:
- ISBN:9783031084270
