Prices and Knowledge

A Market-Process Perspective

Esteban F. Thomsen (Autor)

Buch | Hardcover

158 Seiten

1992
Routledge (Verlag)
978-0-415-06865-9 (ISBN)

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The growth of information economics has lead to a substantial re-consideration of the role of prices. Instead of the conventional neo-classical view of prices as straightforward indicators of scarcity, information economics emphasises that prices can be sources from which agents infer information and means by which they communicate. Prices and Knowledge analyses different theoretical approaches to the role of prices in situations of imperfect information. It shows that whilst the `informational efficiency' approach of Grossman and Stiglitz and the `bounded rationality theory' of Nelson and Simon are useful, neither goes far enough in considering situations of disequilibrium.

Esteban F. Thomsen

Introduction 1. A Theory of the Market Process 2. Equilibrium Prices and Information 3. `Bounded Rationality' and the Price System 4. Change, Responsiveness and Coordination 5. Conclusions

Erscheint lt. Verlag	7.5.1992
Reihe/Serie	Routledge Foundations of the Market Economy
Verlagsort	London
Sprache	englisch
Maße	138 x 216 mm
Gewicht	317 g
Themenwelt	Wirtschaft ► Volkswirtschaftslehre ► Mikroökonomie
ISBN-10	0-415-06865-7 / 0415068657
ISBN-13	978-0-415-06865-9 / 9780415068659
Zustand	Neuware