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Equilibrium, Equilibration, Information and Multiple Markets: From Basic Science to Institutional Design

Plott, Charles R. (2001) Equilibrium, Equilibration, Information and Multiple Markets: From Basic Science to Institutional Design. In: Nobel Centennial Symposia, 2001 Behavioral and Experimental Economics, December 4-6, 2001, Stockholm, Sweden. https://resolver.caltech.edu/CaltechAUTHORS:20140317-142821120

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Abstract

[Introduction] Prices exhibit subtle coordination features among multiple markets, reflecting opportunity costs and fostering specialization throughout the economy. Furthermore, it is widely believed that prices can adjust rapidly, and possibly almost immediately while carrying information about worldly events from insiders to non-insiders who can use it. By receiving the information contained in prices the otherwise uninformed can adjust to those events. Not only do prices appropriately reflect opportunity cost within properly supportive institutions, they carry all available, relevant information known throughout the economy.


Item Type:Conference or Workshop Item (Keynote)
Record Number:CaltechAUTHORS:20140317-142821120
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20140317-142821120
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:44362
Collection:CaltechAUTHORS
Deposited By: Susan Vite
Deposited On:27 Mar 2014 21:39
Last Modified:03 Oct 2019 06:17

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