| 書(shū)目名稱(chēng) | Economics of Markets | | 副標(biāo)題 | Neoclassical Theory, | | 編輯 | Sabiou M. Inoua,Vernon L. Smith | | 視頻video | http://file.papertrans.cn/303/302015/302015.mp4 | | 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 | | 圖書(shū)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 | | 關(guān)鍵詞 | 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 |
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