Overview

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.

Full Product Details

Author:   Esteban F. Thomsen
Publisher:   Taylor & Francis Ltd
Imprint:   Routledge
Dimensions:   Width: 13.80cm , Height: 0.90cm , Length: 21.60cm
Weight:   0.226kg
ISBN:  

9780415755825

ISBN 10:   0415755824
Pages:   160
Publication Date:   23 December 2014
Audience:   College/higher education ,  General/trade ,  Tertiary & Higher Education ,  General
Format:   Paperback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Reviews

`... a careful and admirably brief statement of the case for the market process approach to the theory of price.' - Economic Journal May 93

Author Information

Esteban F. Thomsen

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