Price-Taking

Michael Allingham
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Michael Allingham: University of Kent

Chapter 6 in Value, 1983, pp 41-48 from Palgrave Macmillan

Abstract: Abstract Given that society as a whole and all possible coalitions accept the market mechanism I now enquire whether all agents take market prices as given. This will be the case if no agent is able to manipulate equilibrium prices to his advantage. This is a third requirement for equilibrium prices to be relevant; the first two requirements, that society as a whole and all coalitions accept the market justifies the market as an allocation mechanism, while this requirement justifies price-taking behaviour within this mechanism.

Keywords: Equilibrium Price; Allocation Mechanism; True Exchange; True Equilibrium; Small Economy (search for similar items in EconPapers)
Date: 1983
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DOI: 10.1007/978-1-349-17001-2_6

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