Prices and Knowledge

Download or Read eBook Prices and Knowledge PDF written by Esteban F. Thomsen and published by Routledge. This book was released on 2002-01-22 with total page 159 pages. Available in PDF, EPUB and Kindle.
Prices and Knowledge
Author :
Publisher : Routledge
Total Pages : 159
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ISBN-10 : 9781134915576
ISBN-13 : 1134915578
Rating : 4/5 (76 Downloads)

Book Synopsis Prices and Knowledge by : Esteban F. Thomsen

Book excerpt: 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.


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