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Information, Finance and General Equilibrium - Collected Papers on the Experimental Foundations of Economics and Political Science, Volume III (Hardcover)
Loot Price: R5,217
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Information, Finance and General Equilibrium - Collected Papers on the Experimental Foundations of Economics and Political Science, Volume III (Hardcover)
Series: Economists of the Twentieth Century series
Expected to ship within 12 - 17 working days
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Information, Finance and General Equilibrium brings together the
seminal papers on which Charles R. Plott has founded our
understanding of experimental economics and political science.
These works reflect the broad and overlapping nature of economics,
public economics, public choice and political science. They examine
the fundamental problem encountered in of all these subject areas -
understanding the nature of allocation under conditions of limited
resources and how decision processes, institutions and procedures
shape these allocations. In particular, this volume contains papers
placed at the two extremes of economic phenomena: the largest
system and the smallest system - multiple markets and the
individual. It contains the first evidence that multiple market
systems can equilibrate to the general competitive equilibrium
while allocating risk bearing and information. It is here that the
experimental foundations for rational expectations models are
discovered and developed. A challenging paradox results, which
leads Plott to question why the behaviour of a system so complex as
a multiple market system can be modelled so well when individuals
can exhibit behaviours that are so at odds with the theory. This
fascinating work, from a writer at the forefront of experimental
economics, will be warmly welcomed by academics, scholars and
researchers involved in experimental economics, the methodology of
economics, political theory, and political economy.
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