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Journal Article
History of Political Economy 37–73.
Published: 10 November 2021
... based on buyer and seller reservation values and their motivation to buy low and sell high; the classical sketch of price formation offers a quite fruitful foundation for a modern theory of price discovery, supplied below. Market experiments, based on private distributed reservation values and using...
Journal Article
History of Political Economy (2013) 45 (1): 149–175.
Published: 01 March 2013
... the modern taxonomy of buyers’ market, sellers’ market, and mixed strategy equilibrium in the capacity space of a standard Bertrand duopoly model. Finally, we highlight similarities and differences between the classical notion of competition and contemporary Bertrand competition models. Correspondence...
Journal Article
History of Political Economy (1999) 31 (1): 109–131.
Published: 01 March 1999
... seeks the highest price, and each buyer seeks the lowest price, as limited by their respective needs. The needs of the seller lead him to set a price low enough to per- suade the buyer to buy, while the needs of the buyer lead him to set a price high enough to persuade the seller to sell (27–28 [12...
Journal Article
History of Political Economy (2015) 47 (3): 511–534.
Published: 01 September 2015
... Possible Equivalent Today , edited by Demant Vigo , 60 – 75 . London : Student Christian Movement Press . Quality Uncertainty in Early Economic Thought Sylvie Lupton It is relatively easy for the buyer to know the price of a product; but as to its qualities...
Journal Article
History of Political Economy (1995) 27 (2): 261–287.
Published: 01 June 1995
...” had been reached ( 1976, 188). The Mengerian equilibrating system refers to a potentially terminating process, but the system is not obviously stable or determinate. There is a mutual consistency between the perceptions of willing buyers and sellers (who coordinate their plans through price...
Journal Article
History of Political Economy (1999) 31 (Supplement): 31–40.
Published: 01 December 1999
... of painting; and the appendix addresses religious iconography. The contents of Arte are meant to educate the two sides of the art market, both suppliers and buyers. Suppliers benefit from the treatise because it serves as an instructional manual on good form and technique and high-quality pro- duction...
Journal Article
History of Political Economy (1980) 12 (2): 234–242.
Published: 01 June 1980
... it is worth to the possessor. If, on the other hand, a buyer derives great benefit from a transaction without the seller suffering any loss as a result of relin- quishing his property, then the latter is not entitled to charge 1. In particular the doctrine of luesio...
Journal Article
History of Political Economy (1992) 24 (Supplement): 95–112.
Published: 01 December 1992
..., but completed almost thirty years later by Morgenstern and Schwodiauer ( 1976 Consider a simple partial-equilibrium analysis of a market in which there is one seller who has two units of a good to sell and three buyers, all 1. The analysis presented here is also described in Braunstein...
Journal Article
History of Political Economy (1992) 24 (3): 623–656.
Published: 01 September 1992
... difficult to accept, because it seems to be impossible for one of the duopolists to manipulate the market price in all circumstances. For instance, Nichol(1934b) has insisted that Cournot’s model is con- sistent only if buyers, not sellers, determine the market price.4 But if a duopolist...
Journal Article
History of Political Economy (1982) 14 (2): 260–283.
Published: 01 June 1982
... subject to In Hobbes this idea is absolutely central: “forasmuch as both the buyer and the seller are made judges of the value, and are thereby both satisfied: there can be no injury done on either side.”s Elsewhere he quotes “an old saying, ‘volenti non fit injuria,’ the willing man receives...
Journal Article
History of Political Economy (1986) 18 (4): 639–653.
Published: 01 November 1986
..., it would exactly equate demand and supply (i.e. the amount which buyers were willing to purchase at that price would be just equal to that for which sellers were willing to take that price); and because every dealer who has a perfect knowledge of the circumstances...
Journal Article
History of Political Economy (1983) 15 (4): 519–528.
Published: 01 November 1983
... insurance policy. It is a potentially active financial asset. Selling her kethubah, a woman may partially realize her financial rights prior to their actual maturity. The buyer of a kethubah will realize it under precisely the same conditions, i.e., upon either divorce or the husband’s death...
Journal Article
History of Political Economy (1989) 21 (4): 593–600.
Published: 01 November 1989
... of trade at disequilibrium prices. Mill (1869) replied to this argument of Thornton’s (1) that even though a dealer may keep up his price until buyers actually fall off, still if there is a larger supply in market than can be sold on these terms, his price will go down until it reaches the point...
Journal Article
History of Political Economy (1985) 17 (4): 651–655.
Published: 01 November 1985
... in commodities from 11, section 2, on the assumption that this section has only this commodity remnant left to sell-then the 2200 do not return to I, since 11, section 2, does not act again as buyer.” The point to emphasise is that the E200 “do not return to I.” They stay in section 2...
Journal Article
History of Political Economy (2010) 42 (3): 495–519.
Published: 01 September 2010
... The modern mechanistic conception of the market as a suprapersonal force setting the terms to which an individual exchanger must submit was foreign to the medieval masters. Their frame of reference was a moral universe that obliged any buyer or seller to act for the common good...
Journal Article
History of Political Economy (1989) 21 (4): 567–592.
Published: 01 November 1989
..., regulates market prices-competition between buyers and competition be- tween sellers. (He thus introduces a spurious distinction between the em- pirical act of competing and the abstraction of supply and demand, which is a description of competitive activity.) Interestingly, he argues (1870, 77...
Journal Article
History of Political Economy (1999) 31 (Supplement): 301–331.
Published: 01 December 1999
... with the need for them and their usefulness (necessitas et utili- tas). Second, there are conditions that pertain to the buyers rather than to the sellers: the price of a good will vary according to the number of buyers present and the amount of money available. Third, the particu- lar mode of selling...
Journal Article
History of Political Economy (1986) 18 (4): 567–577.
Published: 01 November 1986
... or buyers hold out longest; and depends on their comparative patience, or on the degree of inconvenience they are respectively put to by delay. If it should turn out that the price of labour falls within one of the excepted cases-the case which the law of equality between demand...
Journal Article
History of Political Economy (1999) 31 (Supplement): 1–30.
Published: 01 December 1999
... of things that made its possession worthwhile are also relevant at resale. The weighted value put on all those factors by the market may differ from those that influenced its initial buyer and holder, and the “market’s” view may have changed even if originally it coincided perfectly with the buyer’s...
Journal Article
History of Political Economy (2021) 53 (4): 697–720.
Published: 01 August 2021
... (submitting buyers prices) on different types of markets characterized by various degrees of competition: the actual level of the market price depends on the outcome of a debate between the agents (2015b: 201; 1991: 230 31). Eventually, and very ambitiously, he suggests to extend such a price theory...