Value theory is the foundation of economic theory. Marginal utility theory value is the dominant value theory. The Arrow-Debreu model, which is built on the utility theory of value, forms the mathematical foundation of general equilibrium theory. But the Arrow-Debreu model doesn’t describe...

The Marxian circuit of capital model is one useful analytical framework that allows us to identify the requirement for the reproduction of the capitalist economic activities over time. This paper revisits the core ideas of Marx and Foley’s mathematical formulation of the circuit of capital...

Multiple price lists are a convenient tool to elicit willingness to pay in surveys and experiments, but choice patterns such as "multiple switching" and "never switching" indicate high error rates. Existing measurement approaches often do not provide accurate standard errors and cannot correct...