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Property and Prices

By Andre Burgstaller
Hardcover
$137.00
By Andre Burgstaller
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Property and Prices shows arbitrage and speculation in the stockmarket to be a capitalist economy's most fundamental mechanism of price determination and resource allocation. Once a stockmarket is incorporated into general-equilibrium theory, the classical analysis of value (a la Ricardo, Marx and Sraffa) and the neoclassical theory of price (descending from Walras, Hicks and Arrow-Debreu) can be seen to possess the same mathematical structure. The modern theory of arbitrage pricing in fina...

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