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Une théorie réaliste des prix et de la production

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  • Beach, E. F.

Abstract

The assumption of a single price at any time is very generally imposed on market theorizing. It is unrealistic, but generally accepted because of the needs of welfare theory, and of current theoretical methods. In order to evaluate the significance of the loss in realism from the use of this assumption, it seems to be worthwhile to start with the other extreme of complete ignorance in a market, and allow buyers and sellers to pair off at random, allowing a diversity of prices. It is very interesting that in such a "blind market" the quantity traded tends to be larger, by about 44 per cent.

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  • Beach, E. F., 1977. "Une théorie réaliste des prix et de la production," L'Actualité Economique, Société Canadienne de Science Economique, vol. 53(1), pages 65-81, janvier.
  • Handle: RePEc:ris:actuec:v:53:y:1977:i:1:p:65-81
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    References listed on IDEAS

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    1. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70, pages 322-322.
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    3. Richard R. Nelson & Sidney G. Winter, 1975. "Factor Price Changes and Factor Substitution in an Evolutionary Model," Bell Journal of Economics, The RAND Corporation, vol. 6(2), pages 466-486, Autumn.
    4. Coddington, Alan, 1975. "The Rationale of General Equilibrium Theory," Economic Inquiry, Western Economic Association International, vol. 13(4), pages 539-558, December.
    5. Paul J. McNulty, 1967. "A Note on the History of Perfect Competition," Journal of Political Economy, University of Chicago Press, vol. 75, pages 395-395.
    6. Heller, Walter W, 1975. "What's Right With Economics?," American Economic Review, American Economic Association, vol. 65(1), pages 1-26, March.
    7. Rothschild, Michael, 1973. "Models of Market Organization with Imperfect Information: A Survey," Journal of Political Economy, University of Chicago Press, vol. 81(6), pages 1283-1308, Nov.-Dec..
    8. William D. Cook & E. C. H. Veendorp, 1975. "Six Markets in Search of an Auctioneer," Canadian Journal of Economics, Canadian Economics Association, vol. 8(2), pages 238-257, May.
    9. Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542.
    10. Leontief, Wassily, 1971. "Theoretical Assumptions and Nonobserved Facts," American Economic Review, American Economic Association, vol. 61(1), pages 1-7, March.
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