Prices and Knowledge : A Market-Process Perspective
Book Details
Format
Paperback / Softback
Book Series
Routledge Foundations of the Market Economy
ISBN-10
0415755824
ISBN-13
9780415755825
Publisher
Taylor & Francis Ltd
Imprint
Routledge
Country of Manufacture
GB
Country of Publication
GB
Publication Date
Dec 23rd, 2014
Print length
160 Pages
Weight
226 grams
Product Classification:
Economic theory & philosophy
Ksh 8,800.00
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Prices and Knowledge analyses different theoretical approaches to the role of prices in situations of imperfect information.
The growth of information economics has lead to a substantial re-consideration of the role of prices. Instead of the conventional neo-classical view of prices as straightforward indicators of scarcity, information economics emphasises that prices can be sources from which agents infer information and means by which they communicate. Prices and Knowledge analyses different theoretical approaches to the role of prices in situations of imperfect information. It shows that whilst the `informational efficiency'' approach of Grossman and Stiglitz and the `bounded rationality theory'' of Nelson and Simon are useful, neither goes far enough in considering situations of disequilibrium.
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