Supply and demand law under limited information
We present a model for the supply-demand law with quality and limited information capability. We postulate that imperfect information permeates in almost all economic transactions to varying degrees. Through a simple model we outline a research agenda that re-examines many standard issues in economics. Our analysis shows that whereas imperfect information can be improved, it leads to new uncertainties so that the perfect information limit can never be reached. As a corollary neoclassical perfect equilibrium can never be attained.
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Volume (Year): 350 (2005)
Issue (Month): 2 ()
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References listed on IDEAS
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- Andrea Capocci & Yi-Cheng Zhang, 2001. "Market ecology of active and passive investors," Papers cond-mat/0104337, arXiv.org.
- Grossman, Sanford J & Stiglitz, Joseph E, 1980.
"On the Impossibility of Informationally Efficient Markets,"
American Economic Review,
American Economic Association, vol. 70(3), pages 393-408, June.
- Sanford J Grossman & Joseph E Stiglitz, 1997. "On the Impossibility of Informationally Efficient Markets," Levine's Working Paper Archive 1908, David K. Levine.
- Capocci, Andrea & Zhang, Yi-Cheng, 2001. "Market ecology of active and passive investors," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 298(3), pages 488-498.
- Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March. Full references (including those not matched with items on IDEAS)
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