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

Author

Listed:
  • Nikolai M. Svetlov

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

Abstract

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.

Suggested Citation

  • Nikolai M. Svetlov, 1998. "Market behavior and formation of value under absence of information on prices," Microeconomics 9809001, University Library of Munich, Germany.
    • 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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    More about this item

    Keywords

    value formation measure pareto;

    JEL classification:

    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General

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