Adam Smith’s Theory of Value: A Reappraisal of Classical Price Discovery
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Sabiou Inoua & Vernon Smith, 2023. "Adam Smith's Theory of Value: A Reappraisal of Classical Price Discovery," Papers 2307.00412, arXiv.org.
References listed on IDEAS
- Kevin D. Hoover & Michael E. Dowell, 2001. "Measuring Causes: Episodes in the Quantitative Assessment of the Value of Money," History of Political Economy, Duke University Press, vol. 33(5), pages 137-161, Supplemen.
- Raymond de Roover, 1955. "Scholastic Economics: Survival and Lasting Influence from the Sixteenth Century to Adam Smith," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 69(2), pages 161-190.
- Plott, Charles R, 1982.
"Industrial Organization Theory and Experimental Economics,"
Journal of Economic Literature, American Economic Association, vol. 20(4), pages 1485-1527, December.
- Plott, Charles R., "undated". "Industrial Organization Theory and Experimental Economics," Working Papers 405, California Institute of Technology, Division of the Humanities and Social Sciences.
- Mantel, Rolf R., 1974. "On the characterization of aggregate excess demand," Journal of Economic Theory, Elsevier, vol. 7(3), pages 348-353, March.
- Smith, Vernon L, 1982. "Microeconomic Systems as an Experimental Science," American Economic Review, American Economic Association, vol. 72(5), pages 923-955, December.
- Raymond de Roover, 1951. "Monopoly Theory Prior to Adam Smith: A Revision," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 65(4), pages 492-524.
- S. Abu Turab Rizvi, 2006. "The Sonnenschein-Mantel-Debreu Results after Thirty Years," History of Political Economy, Duke University Press, vol. 38(5), pages 228-245, Supplemen.
- Vernon L. Smith, 1965. "Experimental Auction Markets and the Walrasian Hypothesis," Journal of Political Economy, University of Chicago Press, vol. 73(4), pages 387-387.
- Kirman, Alan, 1989. "The Intrinsic Limits of Modern Economic Theory: The Emperor Has No Clothes," Economic Journal, Royal Economic Society, vol. 99(395), pages 126-139, Supplemen.
- Sonnenschein, Hugo, 1973. "Do Walras' identity and continuity characterize the class of community excess demand functions?," Journal of Economic Theory, Elsevier, vol. 6(4), pages 345-354, August.
- Sonnenschein, Hugo, 1972. "Market Excess Demand Functions," Econometrica, Econometric Society, vol. 40(3), pages 549-563, May.
- de Roover, Raymond, 1958. "The Concept of the Just Price: Theory and Economic Policy," The Journal of Economic History, Cambridge University Press, vol. 18(4), pages 418-434, December.
- Hugo Sonnenschein, 1973. "The Utility Hypothesis and Market Demand Theory," Discussion Papers 51, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Robert B. Ekelund, Jr. & Mark Thornton, 1991. "Geometric Analogies and Market Demand Estimation: Dupuit and the French Contribution," History of Political Economy, Duke University Press, vol. 23(3), pages 397-418, Fall.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Emiliano Brancaccio, 2022. "A discussion with Vernon Smith on the Classics, Marx, and Sraffa," PSL Quarterly Review, Economia civile, vol. 75(303), pages 425-431.
- Inoua, Sabiou M. & Smith, Vernon L., 2023.
"A classical model of speculative asset price dynamics,"
Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
- Sabiou M. Inoua & Vernon L. Smith, 2021. "A Classical Model of Speculative Asset Price Dynamics," Working Papers 21-21, Chapman University, Economic Science Institute.
- Sabiou Inoua & Vernon Smith, 2023. "A Classical Model of Speculative Asset Price Dynamics," Papers 2307.00410, arXiv.org.
- Michele Bee & Juan Pablo Gama, 2022. "A process of demand discovery from a smithian perspective," Textos para Discussão Cedeplar-UFMG 647, Cedeplar, Universidade Federal de Minas Gerais.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Vernon L. Smith & Sabiou M. Inoua, 2019.
"Classical Economics: Lost and Found,"
Working Papers
19-15, Chapman University, Economic Science Institute.
- Sabiou Inoua & Vernon Smith, 2023. "Classical Economics: Lost and Found," Papers 2308.11069, arXiv.org.
- Sabiou M. Inoua & Vernon L. Smith, 2020.
"The Classical Theory of Supply and Demand,"
Working Papers
20-11, Chapman University, Economic Science Institute.
- Sabiou Inoua & Vernon Smith, 2023. "The Classical Theory of Supply and Demand," Papers 2307.00413, arXiv.org.
- Hodgson, Geoffrey M., 1997. "Economics and the return to Mecca: The recognition of novelty and emergence," Structural Change and Economic Dynamics, Elsevier, vol. 8(4), pages 399-412, October.
- D. Wade Hands, 2012. "The Rise and Fall of Walrasian Microeconomics: The Keynesian Effect," Chapters, in: Microfoundations Reconsidered, chapter 3, Edward Elgar Publishing.
- Kemp-Benedict, Eric, 2013.
"Material needs and aggregate demand,"
Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 44(C), pages 16-26.
- Kemp-Benedict, Eric, 2012. "Material needs and aggregate demand," MPRA Paper 39960, University Library of Munich, Germany.
- Barbara Dluhosch, 2011. "European Economics at a Crossroads, by J. Barkley Rosser, Jr., Richard P. F. Holt, and David Colander," Journal of Regional Science, Wiley Blackwell, vol. 51(3), pages 629-631, August.
- Simone Landini & Mauro Gallegati & J. Barkley Rosser, 2020. "Consistency and incompleteness in general equilibrium theory," Journal of Evolutionary Economics, Springer, vol. 30(1), pages 205-230, January.
- J. Barkley Rosser Jr & Richard P.F. Holt & David Colander, 2010. "European Economics at a Crossroads," Books, Edward Elgar Publishing, number 13585.
- Charalambos Aliprantis & Kim Border & Owen Burkinshaw, 1996. "Market economies with many commodities," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 19(1), pages 113-185, March.
- David Colander, 2018.
"How Economists Got It Wrong: A Nuanced Account,"
Chapters, in: How Economics Should Be Done, chapter 12, pages 163-189,
Edward Elgar Publishing.
- David Colander, 2009. "How Economists Got It Wrong: A Nuanced Account," Middlebury College Working Paper Series 0909, Middlebury College, Department of Economics.
- Chiappori, Pierre-Andre & Ekeland, Ivar & Browning, Martin, 2007.
"Local disaggregation of negative demand and excess demand functions,"
Journal of Mathematical Economics, Elsevier, vol. 43(6), pages 764-770, August.
- Pierre-André Chiappori & Ivar Ekeland & Martin Browning, 2005. "Local Disaggregation of Negative Demand and Excess Demand Functions," CAM Working Papers 2005-09, University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics.
- David Staines, 2023. "Stochastic Equilibrium the Lucas Critique and Keynesian Economics," Papers 2312.16214, arXiv.org, revised Jun 2024.
- Alessandra Casella & Aniol Llorente-Saguer & Thomas R. Palfrey, 2012.
"Competitive Equilibrium in Markets for Votes,"
Journal of Political Economy, University of Chicago Press, vol. 120(4), pages 593-658.
- Alessandra Casella & Aniol Llorente-Saguer & Thomas R. Palfrey, 2010. "Competitive Equilibrium in Markets for Votes," Levine's Working Paper Archive 661465000000000143, David K. Levine.
- Casella, Alessandra & Palfrey, Thomas R & Llorente-Saguer, Aniol, 2010. "Competitive equilibrium in Markets for Votes," CEPR Discussion Papers 7992, C.E.P.R. Discussion Papers.
- Alessandra Casella & Aniol Llorente-Saguer & Thomas R. Palfrey, 2010. "Competitive Equilibrium in Markets for Votes," NBER Working Papers 16315, National Bureau of Economic Research, Inc.
- Alessandra Casella & Aniol Llorente-Saguer & Thomas R. Palfrey, 2012. "Competitive Equilibrium in Markets for Votes," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2012_03, Max Planck Institute for Research on Collective Goods.
- Frank Ackerman, 2001.
"Still dead after all these years: interpreting the failure of general equilibrium theory,"
Journal of Economic Methodology, Taylor & Francis Journals, vol. 9(2), pages 119-139.
- Frank Ackerman, "undated". "Still Dead After All These Years: Interpreting the Failure of General Equilibrium Theory," GDAE Working Papers 00-01, GDAE, Tufts University.
- Ackerman, Frank, 2000. "Still Dead After All These Years: Interpreting the Failure of General Equilibrium Theory," Working Papers 15587, Tufts University, Global Development and Environment Institute.
- Guy Laroque, 1991. "Inventories and the Fixprice Method," International Economic Association Series, in: Lionel W. McKenzie & Stefano Zamagni (ed.), Value and Capital: Fifty Years Later, chapter 8, pages 205-231, Palgrave Macmillan.
- Herings, P. Jean-Jacques, 2024.
"Globally and universally convergent price adjustment processes,"
Journal of Mathematical Economics, Elsevier, vol. 113(C).
- Herings, P.J.J., 2024. "Globally and Universally Convergent Price Adjustment Processes," Discussion Paper 2024-001, Tilburg University, Center for Economic Research.
- Herings, P.J.J., 2024. "Globally and Universally Convergent Price Adjustment Processes," Other publications TiSEM 12dc4fc2-19e8-4a8c-b2ff-2, Tilburg University, School of Economics and Management.
- Marchionatti, Roberto & Sella, Lisa, 2015.
"Is Neo-Walrasian Macroeconomics a Dead End?,"
CESMEP Working Papers
201502, University of Turin.
- Marchionatti, Roberto & Sella, Lisa, 2015. "Is Neo-Walrasian Macroeconomics a Dead End?," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201521, University of Turin.
- Roberto Cazzolla Gatti & Roger Koppl & Brian D. Fath & Stuart Kauffman & Wim Hordijk & Robert E. Ulanowicz, 2020. "On the emergence of ecological and economic niches," Journal of Bioeconomics, Springer, vol. 22(2), pages 99-127, July.
- Campbell, Michael, 2020. "Speculative and hedging interaction model in oil and U.S. dollar markets—Long-term investor dynamics and phases," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 540(C).
- Neri Salvadori & Rodolfo Signorino, 2014.
"Adam Smith on Monopoly Theory. Making good a lacuna,"
Scottish Journal of Political Economy, Scottish Economic Society, vol. 61(2), pages 178-195, May.
- Salvadori, Neri & Signorino, Rodolfo, 2012. "Adam Smith on Monopoly Theory. Making good a lacuna," MPRA Paper 38411, University Library of Munich, Germany.
More about this item
Keywords
Methodology of Economics; Micro-economic Theory; Experimental Economics; History of Economic Thought;All these keywords.
NEP fields
This paper has been announced in the following NEP Reports:- NEP-HIS-2020-03-09 (Business, Economic and Financial History)
- NEP-HPE-2020-03-09 (History and Philosophy of Economics)
Statistics
Access and download statisticsCorrections
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:chu:wpaper:20-10. 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.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: Megan Luetje (email available below). General contact details of provider: https://edirc.repec.org/data/esichus.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.