Economics of Markets: Neoclassical Theory, Experiments, and Theory of Classical Price Discovery

by Vernon L. Smith and Sabiou M. Inoua

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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...

Format:Hardcover

Language:English

ISBN:3031084276

ISBN13:9783031084270

Release Date:November 2022

Publisher:Palgrave MacMillan

Length:189 Pages

Weight:0.87 lbs.

Dimensions:0.5" x 5.8" x 8.3"

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Business Business & Investing

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Economics of Markets: Neoclassical Theory, Experiments, and Theory of Classical Price Discovery

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