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: Overview of the Theory -- Chapter 4. Price Formation: Partial Equilibrium -- Chapter 5. Price Formation: General Equilibrium …This book establishes that neoclassical economics based on the marginal utility calculus failed to derive a theory of … rich narrative of price discovery theory consistent with experimental evidence based on operational concepts of discrete …
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Experimental economists frequently invoke Adam Smith's notion of sympathy, and experimental treatments typically examine sympathy in situations where two groups are involved. We explore additional implications of sympathy suggested by the work of later classical economists. We link the notion of...
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In Keynes' beauty contest, agents make evaluations reflecting both an expected fundamental value and the conventional value expected to be set by the market. They thus respond to fundamental and coordination motives, respectively, the prevalence of either being set exogenously. Our contribution...
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