Economics of Markets: Neoclassical Theory, Experiments, and Theory of Classical Price Discovery Inoua Sabiou M.
Economics of Markets: Neoclassical Theory, Experiments, and Theory of Classical Price Discovery Inoua Sabiou M. This book establishes that neoclassical economics based on the marginal utility…
Specifikacia Economics of Markets: Neoclassical Theory, Experiments, and Theory of Classical Price Discovery Inoua Sabiou M.
Economics of Markets: Neoclassical Theory, Experiments, and Theory of Classical Price Discovery Inoua Sabiou M.
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. 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). Such markets involve inherently discrete final-demand items bought for consumption and not subject to resale.
Chapter 1 & 2 describes this theme and chapter 3 connects it with experiments. We develop and extend a mathematical model of classical market price formation. Chapter 4 builds on experimental examples for an intuitive overview of the theory.
A partial equilibrium version of the theory constitutes