{"product_id":"economics-and-finance-9783031084287","title":"Economics and Finance","description":"\u003cp\u003eThis book establishes that neoclassical economics based on the marginal utility calculus failed to derive a theory of consumer market price discovery consistent with the experimental market evidence. Such markets involve inherently discrete final-demand items bought for consumption and not subject to resale. Classical economists following Adam Smith articulated a rich narrative of price discovery theory consistent with experimental evidence based on operational concepts of discrete demand values (maximum willingness-to-pay), and symmetrically, supply costs (minimum willingness-to-accept). We develop and extend a mathematical model of classical market price formation. Chapter 1 \u0026amp; 2 describes this theme and chapter 3 connects it with experiments. Chapter 4 builds on experimental examples for an intuitive overview of the theory. A partial equilibrium version of the theory constitutes Chapter 5. Chapter 6 extends this framework to price formation by wealth constrained agents in multiple-goods markets. Chapter 7 applies this framework to the study of re-tradable durable-goods and financial claims that are subject to sources of instability absent in markets for consumer non-durables.\u003c\/p\u003e","brand":"Gardners","offers":[{"title":"Default Title","offer_id":52911337079063,"sku":null,"price":6072.63,"currency_code":"INR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0679\/6918\/8119\/files\/9783031084287.jpg?v=1781267781","url":"https:\/\/payment.letskitaboo.com\/products\/economics-and-finance-9783031084287","provider":"Kitaboo One eStore","version":"1.0","type":"link"}