@article{1451722,
      recid = {1451722},
      author = {Smith, Vernon L., and Inoua, Sabiou M.,},
      title = {Economics of markets : neoclassical theory, experiments,  and theory of classical price discovery /},
      pages = {1 online resource (xiii, 189 pages) :},
      note = {Includes index.},
      abstract = {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. Sabiou M. Inoua is a  visiting research associate at the Economic Science  Institute at Chapman University. His primary research now  pertains to value theory and its intellectual history; his  other research interests include the stylized facts of  financial markets, the link between economic complexity and  economic development, and the theory of inequality  measurement. Vernon L. Smith received the Nobel Prize in  Economic Sciences in 2002 for his groundbreaking work in  experimental economics. Smith has joint appointments with  the Argyros School of Business & Economics and the School  of Law, and is part of the team that has created the new  Economic Science Institute at Chapman University. He is  also a cofounder of The Smith Institute for Political  Economy and Philosophy which has been established to create  the Humanomics undergraduate research and education program  at Chapman University.},
      url = {http://library.usi.edu/record/1451722},
      doi = {https://doi.org/10.1007/978-3-031-08428-7},
}