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Prologue

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Economics of Markets

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Abstract

This book proposes a theory of competitive market price formation which generalizes and extends classical views beginning with Adam Smith.

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Notes

  1. 1.

    We have benefitted from many anonymous, thoughtful, and constructive reviews of our papers or chapters. We take them to be typical indicators of reader understandings and here reference one of them in context.

  2. 2.

    Generally, we will use small letters in referring to individual willingness to pay (wtp) or accept (wta) reservation values or costs and capital letters when referring to the aggregate distribution functions of these individual reservation values (WTP) or costs (WTA).

  3. 3.

    One of Adam Smith’s earliest manuscripts is “A History of Astronomy,” published posthumously, and now appearing as The Glasgow Edition of the Works and Correspondence of Adam Smith, Vol. 3: Essays on Philosophical Subjects with Dugald Stewart’s Account of Adam Smith, edited by W. P. D. Wightman, J. C. Bryce, and I. S. Ross (eds). Oxford: Oxford University Press, 1980.

  4. 4.

    See Inoua, S. M., & Smith, V. L. (2020). Adam Smith’s Theory of Value: A Reappraisal of Classical Price Discovery [To Appear in The Adam Smith Review, 2023]. ESI Working Papers, February 2020 (Revised Version, 2021). Retrieved from https://digitalcommons.chapman.edu/esi_working_papers/304/.

Reference

  • Smith, V., & Williams, A. W. (1990). The boundaries of competitive price theory: Convergence, expectations, and transaction costs. Advances in Behavioral Economics, 2, 31–53.

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Author information

Authors and Affiliations

  1. Economic Science Institute, Chapman University, Orange, CA, USA

    Sabiou M. Inoua

  2. Economic Science Institute, Chapman University, Orange, CA, USA

    Vernon L. Smith

Authors
  1. Sabiou M. Inoua
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  2. Vernon L. Smith
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Correspondence to Sabiou M. Inoua .

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Inoua, S.M., Smith, V.L. (2022). Prologue. In: Economics of Markets. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-08428-7_1

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  • DOI: https://doi.org/10.1007/978-3-031-08428-7_1

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  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-031-08427-0

  • Online ISBN: 978-3-031-08428-7

  • eBook Packages: Economics and FinanceEconomics and Finance (R0)

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