A Theory of Value With Auction Prices
This paper introduces, within a general equilibrium setting, an alternate theory of value that provides a value-based characterization of the most important notions of allocative equilibria even in cases where the (Walrasian) uniform price-based characterizations need not be applicable. The value is calculated in terms of the maximum revenue outcome of a discriminatory price auction for divisible goods.
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|Date of creation:||1998|
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