Journal article

Supply and demand law under limited information

  • Zhang, Yi-Cheng Department of Physics, University of Fribourg, Switzerland
    30.12.2004
Published in:
  • Physica A: Statistical Mechanics and its Applications. - 2005, vol. 350, no. 2, p. 500-532
English We present a model for the supply-demand law with quality and limited information capability. We postulate that imperfect information permeates in almost all economic transactions to varying degrees. Through a simple model we outline a research agenda that re-examines many standard issues in economics. Our analysis shows that whereas imperfect information can be improved, it leads to new uncertainties so that the perfect information limit can never be reached. As a corollary neoclassical perfect equilibrium can never be attained.
Faculty
Faculté des sciences et de médecine
Department
Département de Physique
Language
  • English
Classification
Physics
License
License undefined
Identifiers
Persistent URL
https://folia.unifr.ch/unifr/documents/299587
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