Note
College of Business
Member of
Contributors
Publisher
Florida Atlantic University
Date Issued
1982
Description
In classical economic theory, competition consisted of buyers outbidding
one another and sellers underbidding one another; and it was
argued that, for sufficiently large markets, competition would yield uniform
prices in equilibrium. Neoclassical economists subsequently investigated
the role of preferences in trading, concluding that, in equilibrium,
each trader would obtain the most desirable commodity bundle
affordable at prevailing prices, given his initial resources. In the
process, however, neoclassical economists ultimately made price uniformity
an assumption, assumed individuals incapable of influencing prices
under any circumstances, and redefined competition to mean price-taking
behavior. By thus denying individuals any active role in price determination,
an inconsistency was introduced into the theory. This thesis
eliminates the inconsistency by combining classical competitive behavior
and the neoclassical insights into the role of preferences, to produce an
axiomatic theory of competition within which the characteristics of equilibrium
(uniform prices and utility maximization) are rigorously derived.
one another and sellers underbidding one another; and it was
argued that, for sufficiently large markets, competition would yield uniform
prices in equilibrium. Neoclassical economists subsequently investigated
the role of preferences in trading, concluding that, in equilibrium,
each trader would obtain the most desirable commodity bundle
affordable at prevailing prices, given his initial resources. In the
process, however, neoclassical economists ultimately made price uniformity
an assumption, assumed individuals incapable of influencing prices
under any circumstances, and redefined competition to mean price-taking
behavior. By thus denying individuals any active role in price determination,
an inconsistency was introduced into the theory. This thesis
eliminates the inconsistency by combining classical competitive behavior
and the neoclassical insights into the role of preferences, to produce an
axiomatic theory of competition within which the characteristics of equilibrium
(uniform prices and utility maximization) are rigorously derived.
Language
Type
Form
Extent
95 p.
Subject (Topical)
Identifier
14128
Additional Information
College of Business
Thesis (M.A.)--Florida Atlantic University, 1982.
FAU Electronic Theses and Dissertations Collection
Date Backup
1982
Date Text
1982
Date Issued (EDTF)
1982
Extension
FAU
FAU
admin_unit="FAU01", ingest_id="ing1508", creator="staff:fcllz", creation_date="2007-07-19 02:08:54", modified_by="staff:fcllz", modification_date="2011-01-06 13:09:06"
IID
FADT14128
Issuance
monographic
Organizations
Attributed name: Florida Atlantic University
Attributed name: College of Business
Attributed name: Department of Economics
Person Preferred Name
HORNER, GEORGE FRENCH, JR.
Graduate College
Physical Description
95 p.
application/pdf
Title Plain
COMPETITION AND PRICES IN A PERFECTLY COMPETITIVE ECONOMY
Use and Reproduction
Copyright © is held by the author, with permission granted to Florida Atlantic University to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
http://rightsstatements.org/vocab/InC/1.0/
Origin Information
1982
monographic
Boca Raton, Fla.
Florida Atlantic University
Physical Location
Florida Atlantic University Libraries
Place
Boca Raton, Fla.
Sub Location
Digital Library
Title
COMPETITION AND PRICES IN A PERFECTLY COMPETITIVE ECONOMY
Other Title Info
COMPETITION AND PRICES IN A PERFECTLY COMPETITIVE ECONOMY