IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-1-137-28656-7_12.html
   My bibliography  Save this book chapter

Towards a Contemporary Theory of the Market

In: The Medium of Contingency

Author

Listed:
  • Elie Ayache

Abstract

A market is all sorts of things and is composed of all sorts of people. Economies and histories create the market. Ideologies are for or against the market. Despite all their causes or their biographies, markets are ultimately down to prices, or even better, to changes of prices. There is one instance in which the market receives a precise definition, and this is when it is reduced to a stochastic process ruling the price of some traded asset. This is typically the starting point of derivative valuation theory, and this reduction of the market to a pure numerical process, which screens off the ‘real economy’ and represents the market purely in terms of statistical models and coefficients, has often been criticized.

Suggested Citation

  • Elie Ayache, 2015. "Towards a Contemporary Theory of the Market," Palgrave Macmillan Books, in: The Medium of Contingency, chapter 11, pages 251-266, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-28656-7_12
    DOI: 10.1007/978-1-137-28656-7_12
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-1-137-28656-7_12. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.