Economics of markets : neoclassical theory, experiments, and theory of classical price discovery
著者
書誌事項
Economics of markets : neoclassical theory, experiments, and theory of classical price discovery
Palgrave Macmillan, c2022
- : hardcover
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注記
Includes bibliographical references and index
"This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG ... Cham, Switzerland"--T.p. verso
内容説明・目次
内容説明
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.
目次
Chapter 1. Introduction.- Chapter 2. Rediscovering Classical Economics in the Laboratory.- Chapter 3. Price Formation: Overview of the Theory.- Chapter 4. Price Formation: Partial Equilibrium.- Chapter 5. Price Formation: General Equilibrium.- Chapter 6. Financial Instability: Re-tradable Assets and Speculation.
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