Logik des Marktes Marktordnung, Marktverhalten und Marktergebnisse / Logic of Markets Market Rules, Behaviour of Actors, and Market Outcome
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Timm Gudehus
Summary
This contribution shows how the outcome of dynamic markets can be derived, without the unrealistic assumptions of a perfect market, from the current rules of a market and the possible behaviour of the actors. An analysis of the observable rules for real-life markets results in transfer equations and algorithms for the calculation of the individual purchasing prices and sales quantities.With distribution functions for offer and demand, which reflect the behaviour of the actors, the collective market outcome can be calculated, such as market price and sales, their variance and time dependency as well as the distribution effects of markets. The market laws, which result by simulation and probability theory, deviate in many respects from the statements of common price- and market-theories. The new approach enables to solve current problems, such as the market design for material and immaterial goods and finance products.
© 2010 by Lucius & Lucius, Stuttgart
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- Z-Tests in Multinomial Probit Models under Simulated Maximum Likelihood Estimation: Some Small Sample Properties
- Buchbesprechungen / Book Reviews
Articles in the same Issue
- Inhalt / Contents
- Abhandlungen / Original Papers
- Impact of Non-smoking Ordinances on Hospitality Revenues: The Case of Germany
- Who Gets the Money?
- Auswirkungen von Mehrfachmandaten deutscher Vorstands- und Aufsichtsratsvorsitzender auf den Unternehmenserfolg / The Impact of Multiple Board Memberships of CEOs and Chairmen of Supervisory Boards on Corporate Performance in Germany
- Analyse der Übertragung US-amerikanischer Schocks auf Deutschland auf Basis eines FAVAR / A FAVAR-based Analysis of the Transmission of US Shocks to Germany
- Logik des Marktes Marktordnung, Marktverhalten und Marktergebnisse / Logic of Markets Market Rules, Behaviour of Actors, and Market Outcome
- Z-Tests in Multinomial Probit Models under Simulated Maximum Likelihood Estimation: Some Small Sample Properties
- Buchbesprechungen / Book Reviews
