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001451722 001__ 1451722
001451722 003__ OCoLC
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001451722 019__ $$a1352234110$$a1352968840
001451722 020__ $$a9783031084287$$q(electronic bk.)
001451722 020__ $$a3031084284$$q(electronic bk.)
001451722 020__ $$z9783031084270
001451722 020__ $$z3031084276
001451722 0247_ $$a10.1007/978-3-031-08428-7$$2doi
001451722 035__ $$aSP(OCoLC)1353606269
001451722 040__ $$aGW5XE$$beng$$erda$$epn$$cGW5XE$$dEBLCP$$dYDX$$dUKMGB$$dOCLCF$$dN$T$$dBRX$$dUKAHL$$dOCLCQ
001451722 049__ $$aISEA
001451722 050_4 $$aHB221
001451722 08204 $$a338.5/2$$223/eng/20221207
001451722 1001_ $$aSmith, Vernon L.,$$eauthor.$$1https://isni.org/isni/0000000116987602
001451722 24510 $$aEconomics of markets :$$bneoclassical theory, experiments, and theory of classical price discovery /$$cVernon L. Smith, Sabiou M. Inoua.
001451722 264_1 $$aCham :$$bPalgrave Macmillan,$$c[2022]
001451722 264_4 $$c©2022
001451722 300__ $$a1 online resource (xiii, 189 pages) :$$billustrations (some color)
001451722 336__ $$atext$$btxt$$2rdacontent
001451722 337__ $$acomputer$$bc$$2rdamedia
001451722 338__ $$aonline resource$$bcr$$2rdacarrier
001451722 500__ $$aIncludes index.
001451722 5050_ $$aChapter 1. Introduction -- Chapter 2. Rediscovering Classical Economics in the Laboratory -- Chapter 3. Price Formation: Overview of the Theory -- Chapter 4. Price Formation: Partial Equilibrium -- Chapter 5. Price Formation: General Equilibrium -- Chapter 6. Financial Instability: Re-tradable Assets and Speculation.
001451722 506__ $$aAccess limited to authorized users.
001451722 520__ $$aThis 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.
001451722 588__ $$aDescription based on print version record.
001451722 650_0 $$aPrices.
001451722 650_0 $$aNeoclassical school of economics.
001451722 655_0 $$aElectronic books.
001451722 7001_ $$aInoua, Sabiou M.,$$eauthor.
001451722 77608 $$iPrint version:$$aSmith, Vernon L.$$tEconomics of markets.$$dBasingstoke : Palgrave Macmillan, 2022$$z9783031084270$$w(OCoLC)1346523123
001451722 852__ $$bebk
001451722 85640 $$3Springer Nature$$uhttps://univsouthin.idm.oclc.org/login?url=https://link.springer.com/10.1007/978-3-031-08428-7$$zOnline Access$$91397441.1
001451722 909CO $$ooai:library.usi.edu:1451722$$pGLOBAL_SET
001451722 980__ $$aBIB
001451722 980__ $$aEBOOK
001451722 982__ $$aEbook
001451722 983__ $$aOnline
001451722 994__ $$a92$$bISE