| 书目名称 | Economics of Markets |
| 副标题 | Neoclassical Theory, |
| 编辑 | Sabiou M. Inoua,Vernon L. Smith |
| 视频video | |
| 概述 | Offers a careful and subtle discussion of the price formation process versus formal theory of price determination.Provides examination of the classical theory of the pricing process in modern theory a |
| 图书封面 |  |
| 描述 | .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.. |
| 出版日期 | Book 2022 |
| 关键词 | Adam Smith; price formation; economic theory; history of economic thought; experimental economics; theory |
| 版次 | 1 |
| doi | https://doi.org/10.1007/978-3-031-08428-7 |
| isbn_ebook | 978-3-031-08428-7 |
| copyright | The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerl |
发表于 2025-3-21 16:14:39
