Supply and demand law under limited information
- Zhang, Yi-Cheng Department of Physics, University of Fribourg, Switzerland
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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
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- English
- Classification
- Physics
- License
- License undefined
- Identifiers
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- RERO DOC 4307
- DOI 10.1016/j.physa.2004.11.057
- Persistent URL
- https://folia.unifr.ch/unifr/documents/299587
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