Economics of markets : neoclassical theory, experiments, and theory of classical price discovery / Vernon L. Smith, Sabiou M. Inoua.
Smith, Vernon L., author.; Inoua, Sabiou M., author.
2022
HB221
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Title Economics of markets : neoclassical theory, experiments, and theory of classical price discovery / Vernon L. Smith, Sabiou M. Inoua.
Author Smith, Vernon L., author.
ISBN 9783031084287 (electronic bk.)
3031084284 (electronic bk.)
9783031084270
3031084276
DOI https://doi.org/10.1007/978-3-031-08428-7
Published Cham : Palgrave Macmillan, [2022]
Copyright ©2022
Language English
Description 1 online resource (xiii, 189 pages) : illustrations (some color)
Other Standard Identifiers 10.1007/978-3-031-08428-7 doi
Call Number HB221
Dewey Decimal Classification 338.5/2
Summary 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.
Note Includes index.
Access Note Access limited to authorized users.
Source of Description Description based on print version record.
Added Author Inoua, Sabiou M., author.
Available in Other Form Economics of markets.
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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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