{"product_id":"economics-of-markets-von-sabiou-m-inoua-und-vernon-l-smith","title":"Economics of Markets","description":"\n                \u003cp\u003eThis 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 \u0026amp; 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.\u003c\/p\u003e\n            \u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783031084270\"\u003e\u003ch3\u003eNeoclassical Theory, Experiments, and Theory of Classical Price Discovery\u003c\/h3\u003e\u003c\/div\u003e","brand":"Autorenwelt Shop","offers":[{"title":"Hardcover - 9783031084270","offer_id":40753672880221,"sku":"9783031084270","price":48.14,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/bcdc8b87-e551-4c8c-80a7-db8e4f08f3ec.jpg?v=1769320335","url":"https:\/\/shop.autorenwelt.de\/products\/economics-of-markets-von-sabiou-m-inoua-und-vernon-l-smith","provider":"Autorenwelt Shop","version":"1.0","type":"link"}