The purpose of this paper is twofold. First, it introduces a new version of the Edgeworth process with trading activities centered around self-interested enterprising arbitragers; and second it examines how the prices of the derived securities are deteremined under this process.

This essay examines how the entrepreneurial role has changed over time in the context of an evolving American economy since the Civil War. Because entrepreneurs do what the market has failed to do by itself, entrepreneurs and the market are complemetary to each other.

This paper introduces the entrepreneur-centered economy model by examining who it characterizes the nature of the firm, the nature of the market process, and the cause of economic development

The purpose of this paper is twofold. First, it introduces a new version of the Edgeworth process with trading activities centered around self- interested enterprising arbitragers; and second, it examines how the prices of the derived securities are determined under this process. We show that...

The presence of externality, indivisibility, and uncertainty destroys the market's ability to coordinate production. Entrepreneurs rise to organize production by assuming a part of the allocative role traditionally reserved exclusively to the market. Assume that there are three classes of...

Despite its elegance and beauty, the neoclassical model [see Debreu, 1959] has long been a subject of dissension. Critics of the Model are concerned (for example), with (1) its reticence on the raison d’etre of the firm and the boundary between the firm and market, (2) whether this equilibrium...