Appropriation In A Competitive Theory Of Value
Two perspectives on the price system are examined, as a method of valuation represented by Walrasian equilibrium and as a means of appropriation represented by “perfectly competitive equilibrium.” The stronger requirements of perfectly competitive equilibrium emphasize that valuation is driven by appropriation. Similarities between the full appropriation property of perfectly competitive equilibrium and efficient incentive compatible mechanism design are demonstrated.
Volume (Year): (2012)
Issue (Month): 63 ()
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