A01=Esteban F. Thomsen
agent decision-making
Austrian Economics
Author_Esteban F. Thomsen
bounded rationality
Bounded Rationality Approach
Bounded Rationality Theorist
Category=KCA
Computers Man
Decentralized Hierarchies
Disequilibrium Perspective
Disequilibrium Prices
disequilibrium theory
economic signalling
Entrepreneurial Discovery
Entrepreneurial Perspective
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
Hayek's Arguments
Hayek’s Arguments
imperfect information analysis
information economics
Informational Role
Knowledge Problem
Langian Socialism
market coordination
Market Process Approach
Market Process Economists
Market Process Perspective
Market Process Theory
Market Process View
Modern Austrian Economists
Nelson's View
Nelson’s View
People's Cognitive Limitations
People’s Cognitive Limitations
Public Choice
Radical Ignorance
Simon's View
Simon’s View
Standard Welfare Economics
Stiglitz's Argument
Stiglitz’s Argument
Product details
- ISBN 9780415755825
- Weight: 300g
- Dimensions: 138 x 216mm
- Publication Date: 23 Dec 2014
- Publisher: Taylor & Francis Ltd
- Publication City/Country: GB
- Product Form: Paperback
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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.
Esteban F. Thomsen
