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Market behavior and formation of value under absence of information on prices

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Author Info
Nikolai M. Svetlov (Moscow Agricultural Academy n.a. K.A.Timiryazev)

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Abstract

The model described below follows this approach in research of decentralized economic systems. The purpose of modeling is a study of formation of value in conditions, when the economic agents have no information on the prices and on the intents of other agents. Therefore behavior of the agents and, in particular, the supply and demand depend neither on the prices, nor on the fact of their existence in the market. The preferences of systems are assumed given, transitive and complete. No other assumptions on preferences needed. The agents have opportunities of free interchange.

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Publisher Info
Paper provided by EconWPA in its series Microeconomics with number 9809001.

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Length: 8 pages
Date of creation: 01 Sep 1998
Date of revision:
Handle: RePEc:wpa:wuwpmi:9809001

Note: Type of Document - Word; prepared on IBM PC - Word for Windows 95; to print on HP; pages: 8 ; figures: no
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Web page: http://129.3.20.41

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Related research
Keywords: value formation measure pareto;

Find related papers by JEL classification:
D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General

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This page was last updated on 2009-12-21.

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