Logik des Marktes Marktordnung, Marktverhalten und Marktergebnisse / Logic of Markets Market Rules, Behaviour of Actors, and Market Outcome

Gudehus Timm ()
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Gudehus Timm: Strandweg 54, 22587 Hamburg, Germany

Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), 2010, vol. 230, issue 5, 601-629

Abstract: This contribution shows how the outcome of dynamic markets can be derived, without the unrealistic assumptions of a perfect market, from the current rules of a market and the possible behaviour of the actors. An analysis of the observable rules for real-life markets results in transfer equations and algorithms for the calculation of the individual purchasing prices and sales quantities.With distribution functions for offer and demand, which reflect the behaviour of the actors, the collective market outcome can be calculated, such as market price and sales, their variance and time dependency as well as the distribution effects of markets. The market laws, which result by simulation and probability theory, deviate in many respects from the statements of common price- and market-theories. The new approach enables to solve current problems, such as the market design for material and immaterial goods and finance products.

Keywords: Market theory; market rules; market outcome; market prices; distribution effects; market laws; market simulation; market design; Market theory; market rules; market outcome; market prices; distribution effects; market laws; market simulation; market design (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:jns:jbstat:v:230:y:2010:i:5:p:601-629

DOI: 10.1515/jbnst-2010-0506

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