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Discovering Prices

Hardcover • 2017 • 1. edition

Discovering Prices

By Paul Milgrom

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About the book

Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith's famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices co...Show more

Finance and accounting

Book details

ISBN

9780231175982

Publisher

Columbia University Press

Published year

2017

Language

Edition

1

Original title

Discovering Prices

Format

Hardcover

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