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Market behavior and formation of value under absence of information on prices

Listed author(s):
  • Nikolai M. Svetlov

    (Moscow Agricultural Academy n.a. K.A.Timiryazev)

The model described below follows this approach in research of decentralized economic systems. The purpose of modeling is a study of formation of value in conditions, when the economic agents have no information on the prices and on the intents of other agents. Therefore behavior of the agents and, in particular, the supply and demand depend neither on the prices, nor on the fact of their existence in the market. The preferences of systems are assumed given, transitive and complete. No other assumptions on preferences needed. The agents have opportunities of free interchange.

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Paper provided by EconWPA in its series Microeconomics with number 9809001.

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Length: 8 pages
Date of creation: 01 Sep 1998
Handle: RePEc:wpa:wuwpmi:9809001
Note: Type of Document - Word; prepared on IBM PC - Word for Windows 95; to print on HP; pages: 8 ; figures: no
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