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
Edition:   annotated edition
Dimensions:   Width: 13.80cm , Height: 1.70cm , Length: 21.60cm
Weight:   0.317kg
ISBN:  

9780415068659

ISBN 10:   0415068657
Pages:   158
Publication Date:   07 May 1992
Audience:   College/higher education ,  Professional and scholarly ,  Undergraduate ,  Postgraduate, Research & Scholarly
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Introduction 1. A Theory of the Market Process 2. Equilibrium Prices and Information 3. `Bounded Rationality' and the Price System 4. Change, Responsiveness and Coordination 5. Conclusions

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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