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Appropriation In A Competitive Theory Of Value

Author

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  • Louis Makowski

    ()

  • Joseph M. Ostroy

    ()

Abstract

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.

Suggested Citation

  • Louis Makowski & Joseph M. Ostroy, 2012. "Appropriation In A Competitive Theory Of Value," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 63, pages 25-76.
  • Handle: RePEc:cpo:journl:y:2012:i:63:p:25-76
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    Cited by:

    1. Kosta Josifidis & Alpar LosÌŒonc, 2014. "Some Thoughts on Power: International Context," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(5), pages 597-615, October.

    More about this item

    Keywords

    marginalism; marginal product of an individual; appropriation; incentive compatibility; Walrasian equilibrium; perfectly competitive equilibrium;

    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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