{"product_id":"9783031084270","title":"Economics of Markets: Neoclassical Theory, Experiments, and Theory of Classical Price Discovery","description":"\u003ch1\u003eEconomics of Markets: Neoclassical Theory, Experiments, and Theory of Classical Price Discovery\u003c\/h1\u003e \u003ch2\u003eInoua, Sabiou M.; Smith, Vernon L.\u003c\/h2\u003e \u003cp\u003e\u003c\/p\u003e\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 \u003ch3\u003eDetails\u003c\/h3\u003e \u003cp\u003ePublished by: Palgrave Macmillan\u003c\/p\u003e \u003cp\u003ePublication Date: 2022-11-28\u003c\/p\u003e \u003cp\u003eFormat: Hardcover\u003c\/p\u003e \u003cp\u003eISBN-13: 9783031084270\u003c\/p\u003e \u003cp\u003eDOI: 10.1007\/978-3-031-08428-7\u003c\/p\u003e \u003cp\u003eDimensions: 210cm x148cm\u003c\/p\u003e \u003cp\u003ePages: 189\u003c\/p\u003e ","brand":"Springer International Publishing","offers":[{"title":"Default Title","offer_id":44677021958284,"sku":"9783031084270","price":49.49,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0710\/9545\/1788\/files\/9783031084270.jpg?v=1776083632","url":"https:\/\/fh90cf-fv.myshopify.com\/products\/9783031084270","provider":"Late Knight Books and Services, LLC","version":"1.0","type":"link"}