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Price dispersion can be viewed as a measure of trading frictions (or, tautologically, as a violation of the law of one price). It is often attributed to consumer search costs or unmeasured attributes (such as the reputation) of the retailing outlets involved. There is a difference between price dispersion and price discrimination. The latter ...
The process is called tâtonnement, or groping, relating to finding the market clearing price for all commodities and giving rise to general equilibrium. The device is an attempt to avoid one of deepest conceptual problems of perfect competition, which may, essentially, be defined by the stipulation that no agent can affect prices.
There are many examples of countries that have converged with developed countries which validate the catch-up theory. [5] Based on case studies on Japan, Mexico and other countries, Nakaoka studied social capabilities for industrialization and clarified the features of human and social attitudes in the catching-up process of Japan in the Meiji period (1868-1912).
The Brownian motion models for financial markets are based on the work of Robert C. Merton and Paul A. Samuelson, as extensions to the one-period market models of Harold Markowitz and William F. Sharpe, and are concerned with defining the concepts of financial assets and markets, portfolios, gains and wealth in terms of continuous-time stochastic processes.
General equilibrium theory is a central point of contention and influence between the neoclassical school and other schools of economic thought, and different schools have varied views on general equilibrium theory. Some, such as the Keynesian and Post-Keynesian schools, strongly reject general equilibrium theory as "misleading" and "useless".
In statistics, dispersion (also called variability, scatter, or spread) is the extent to which a distribution is stretched or squeezed. [1] Common examples of measures of statistical dispersion are the variance, standard deviation, and interquartile range. For instance, when the variance of data in a set is large, the data is widely scattered.
In theoretical economics, an abstract economy (also called a generalized N-person game) is a model that generalizes both the standard model of an exchange economy in microeconomics, and the standard model of a game in game theory.
Economic Theory is a peer-reviewed academic journal that focuses on theoretical economics, particularly social choice, general equilibrium theory, and game theory. Mathematically rigorous articles are also published in the fields of experimental economics , public economics , international economics , development economics , and industrial ...