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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 (2013) 45 (suppl_1): 20–37.
Published: 01 December 2013
.... Fisher’s struggle with tuberculosis (from 1898 to 1904) led him to dedicate himself to using the light of academic research to improve life beyond the ivory tower. He campaigned for better health, advocating a national Department of Health, writing a government report on national vitality and a best seller...
Journal Article
History of Political Economy (1999) 31 (1): 109–131.
Published: 01 March 1999
... by the duration of labor.9 But there are so many types of learned labor that time cannot be used to measure it (26–27 [11 In order to find the cause that determines the price of goods, it must be taken as a fact that each individual tends to procure the greatest enjoyment possible. Consequently, each seller...
Journal Article
History of Political Economy (2015) 47 (3): 511–534.
Published: 01 September 2015
... situations in which the buyer does not have all the information on a good but the seller/producer does. This information imbalance leads to adverse selection and moral hazard.1 Faced with these two phenomena, academics probed into mechanisms aimed at reducing information asym- metry (Spence 1973...
Journal Article
History of Political Economy (1980) 12 (2): 234–242.
Published: 01 June 1980
... by not having it. In such a case the estimation of the just price will have to take into account not merely the commodity to be sold but also the loss which the seller incurs in selling it. The commodity can here be sold for more than it is worth in itself though not for more than...
Journal Article
History of Political Economy (1986) 18 (4): 639–653.
Published: 01 November 1986
... will require, in addition to supply being equal to demand, that the price charged by all sellers be equal. Marshall’s attempt to reconcile uniformity of prices across sellers with decentralised setting of prices will be discussed in Section 111. For the present, we shall assume that prices...
Journal Article
History of Political Economy (1995) 27 (2): 261–287.
Published: 01 June 1995
.... Menger illuminates price formation with the con- cept of a step-wise demand relation rather than a Marshallian demand schedule. In the development of sellers’ competition, Menger employs conjectural history to predict a slow, downward, long-run movement of prices although final trading prices...
Journal Article
History of Political Economy (1997) 29 (4): 675–684.
Published: 01 November 1997
... this profit, . . . they do not repay him what they may very properly be said to have really cost him” (WN 1.7.5). Young interprets this to mean that “profit is legitimately a component of natural price because to deny the seller the ordinary rate ofprofit would cause him an injury” (Young 1995,770...
Journal Article
History of Political Economy (1975) 7 (3): 360–371.
Published: 01 September 1975
... the Fisherine and Cambridge theories respectively, were distinct versions of the quantity theory of money and dominated discussion of inflation from 1886 to 1945. The second two were variants of a theory of “sellers’ inflation” and differed largely on the proper role of money. Each...
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 (1992) 24 (3): 623–656.
Published: 01 September 1992
.... Bowley , A. L. 1924 . Mathematical Groundwork of Economics . Oxford: Clarendon. Chamberlin , E. H. 1929 . Duopoly: Value When Sellers Are Few. Quarterly Journal of Economics 44 ( November ): 63 -100. Chamberlin , E. H. 1933 . The Theory of Monopolistic Competition . Cambridge...
Journal Article
History of Political Economy (1999) 31 (Supplement): 301–331.
Published: 01 December 1999
... pertain to the pro- ducer/seller, Leonardus Lessius (1605, 2.21.2.8) distinguishes three other categories of factors that have to be taken into account when assessing the price of a commodity. First, there are circumstances related to the commodity itself: the scarcity or abundance of goods, along...
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 (2021) 53 (5): 925–947.
Published: 01 October 2021
... insisted that both approaches were describable in terms of optimization and the calculus of variation. They were thus comparable in terms of efficacy and results. As economists, we all know the famous problem of two sellers along a street, converging to the center under the rules of competition. This prob...
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 (Supplement): 241–282.
Published: 01 December 1992
... thoughtfully and reached a different conclusion. His experimental pro- cedures were as follows: each buyer received a card defining that buyer’s maximum buying (reservation) price for a single unit of the commodity; similarly each seller received a card with the seller’s minimum sell- ing price...
Journal Article
History of Political Economy (2002) 34 (1): 83–110.
Published: 01 March 2002
..., in section 13 of his political economy. The “superabundance of the uni- versal commodity will become noticeable when it enters the country in large amounts, without allowing industry time to accumulate sellers by adding gradually to their number. Money which mounts up impercep- tibly in a State is like...
Journal Article
History of Political Economy (2006) 38 (Suppl_1): 322–342.
Published: 01 December 2006
... and tried it in a market of twelve clones of the automaton (six assigned the role of buyers and six as sellers). This Makes No Sense The transaction prices bounced around over a wide, though gradually narrowing, range as the first period of trading ended. The same thing happened in each...
Journal Article
History of Political Economy (1992) 24 (4): 967–971.
Published: 01 November 1992
... of money is held constant and supplies are fixed, the price must eventually reach the equilibrium level set by the mar- ginal utilities of buyers and sellers. So far so good, but how do we account for the portions of the supply that in Marshall’s examples are unsold? Dasgupta quotes Marshall’s...