Prices and Knowledge: A Market-Process Perspective

ISBN-13: 9780415068659 / Angielski / Twarda / 1992 / 160 str.

Esteban F. Thomsen

Opis

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 analyzes 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.

Recenzje

`... a careful and admirably brief statement of the case for the market process approach to the theory of price.' - Economic Journal May 93

Spis treści

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

O autorze

Esteban F. Thomsen