Une théorie réaliste des prix et de la production

E. F. Beach

L'Actualité Economique, 1977, vol. 53, issue 1, 65-81

Abstract: The assumption of a single price at any time is very generally imposed on market theorizing. It is unrealistic, but generally accepted because of the needs of welfare theory, and of current theoretical methods. In order to evaluate the significance of the loss in realism from the use of this assumption, it seems to be worthwhile to start with the other extreme of complete ignorance in a market, and allow buyers and sellers to pair off at random, allowing a diversity of prices. It is very interesting that in such a "blind market" the quantity traded tends to be larger, by about 44 per cent.

Date: 1977
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