APPROPRIATION IN A COMPETITIVE THEORY OF VALUE

Two perspectives on the price system are examined, as a method of valuation represented by Walrasian equilibrium and as a means of appropriation represented by “perfectly competitive equilibrium.” The stronger requirements of perfectly competitive equilibrium emphasize that valuation is driven by appropriation. Similarities between the full appropriation property of perfectly competitive equilibrium and efficient incentive compatible mechanism design are demonstrated.

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Year of publication:	2012
Authors:	Makowski, Louis ; Ostroy, Joseph M.
Published in:	Cahiers d’économie politique / Papers in Political Economy. - L'Harmattan, ISSN 0154-8344. - 2012, 63, p. 25-76
Publisher:	L'Harmattan
Subject:	marginalism \| marginal product of an individual \| appropriation \| incentive compatibility \| Walrasian equilibrium \| perfectly competitive equilibrium

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Extent:	application/pdf
Type of publication:	Article
Classification:	B21 - Microeconomics ; D50 - General Equilibrium and Disequilibrium. General ; D82 - Asymmetric and Private Information
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010595726