Economics of Markets - Neoclassical Theory, Experiments, and Theory of Classical Price Discovery (Hardcover, 1st ed. 2022)

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.

General

Imprint:	Palgrave Macmillan
Country of origin:	Switzerland
Release date:	November 2022
First published:	2022
Authors:	Sabiou M. Inoua • Vernon L. Smith
Dimensions:	210 x 148 x 20mm (L x W x T)
Format:	Hardcover
Pages:	189
Edition:	1st ed. 2022
ISBN-13:	978-3-03-108427-0
Categories:	Books > Business & Economics > Economics > Economic theory & philosophy Books > Humanities > History > History of specific subjects > Economic history Books > Business & Economics > Economics > Macroeconomics > General Books > History > History of specific subjects > Economic history
LSN:	3-03-108427-6
Barcode:	9783031084270

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