Prices and knowledge: A market-process perspective

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References 141—— (1963) ‘Economics and psychology’, in S.Koch (ed.) Psychology: A Studyof a Science, Vol. 6, New York: McGraw-Hill. Reprinted in H.A. Simon,Models of Bounded Rationality, Vol. 2.—— (1970) ‘Information storage as a problem in organizational design’, inW.Goldberg (ed.) Behavioral Approaches to Modern Management, Vol. 1,Göteborg: Gothenburg Studies in Business Administration. Reprinted inH.A.Simon, Models of Bounded Rationality, Vol. 2.—— (1971) ‘Designing organizations for an information-rich world’, inM.Greenberger (ed.) Computers, Communications, and the Public Interest,Baltimore, Md.: The Johns Hopkins University Press. Reprinted in H.A.Simon, Models of Bounded Rationality, Vol. 2.—— (1972) ‘Theories of bounded rationality’, in C.B.McGuire and R. Radner(eds) Decision and Organization, Amsterdam and London: North-HollandPublishing Co. Reprinted in H.A.Simon, Models of Bounded Rationality,Vol. 2.—— (1976) ‘From substantive to procedural rationality’, in S.J.Latsis (ed.)Method and Appraisal in Economics, Cambridge: Cambridge UniversityPress. Reprinted in H.A.Simon, Models of Bounded Rationality, Vol. 2.—— (1978a) ‘On how to decide what to do’, Bell Journal of Economics 9: 494–507. Reprinted in H.A.Simon, Models of Bounded Rationality, Vol. 2.—— (1978b) ‘Rationality as process and as product of thought’, AmericanEconomic Review 68:1–16. Reprinted in H.A.Simon, Models of BoundedRationality, Vol. 2.—— (1979) ‘Rational decision making in business organizations’, AmericanEconomic Review 69:493–513. Reprinted in H.A.Simon, Models of BoundedRationality, Vol. 2.—— (1981) The Sciences of the Artificial, 2nd edn, Cambridge, Mass.: MITPress.—— (1982) Models of Bounded Rationality, Vol. 2, Behavioral Economics andBusiness Organization, Cambridge, Mass.: MIT Press.—— (1983) Reason in Human Affairs, Stanford, Calif.: Stanford UniversityPress.—— (1984) ‘On the behavioral and rational foundations of economic dynamics’,Journal of Economic Behavior and Organization 5 (March): 35–55.Smith, V.L. (1982a) ‘Markets as economizers of information: expertmental examination of the “Hayek hypothesis”’, Economic Inquiry 20 (April):165–79.—— (1982b) ‘Microeconomic systems as an experimental science’, AmericanEconomic Review 72 (December): 923–55.Sowell, T. (1980) Knowledge and Decisions, New York: Basic Books.Stigler, G.J. (1961) ‘The economics of information’, Journal of PoliticalEconomy 69 (June): 213–25.Stiglitz, J.E. (1987) ‘The causes and consequences of the dependence of qualityon price’, Journal of Economic Literature 25 (March): 1–48.Streissler, E. (1973) ‘To what extent was the Austrian school marginalist?’, inR.D.Collison Black, A.W.Coats and C.D.W.Goodwin (eds) The MarginalRevolution in Economics: Interpretation and Evaluation, Durham, N.C.:Duke University Press.Streit, M.E. (1983) ‘Modelling, managing and monitoring futures trading:
142 Referencesfrontiers of analytical inquiry’, in Manfred E.Streit (ed.) Futures Markets,Oxford: Basil Blackwell.—— (1984) ‘Information processing in futures markets: an essay on adequateabstraction’, Jahrbuch f. Nationalök. u. Stat. 199/5: 385–99.Thomsen, E.F. (1986) ‘Inconsistent equilibrium constructs: comment’,unpublished manuscript, December.Varian, H.R. (1987) ‘The arbitrage principle in financial economics’, Journal ofEconomic Perspectives 1 (fall): 55–72.Veljanovski, C.G. (1982) ‘The Coase theorems and the economic theory ofmarkets and law’, Kyklos 35/1: 53–74.Wanless, P.T. (1987) ‘The efficiency of central planning: a perspective from“markets v. hierarchies”’, Scottish Journal of Political Economy 34(February): 52–68.White, L.H. (1982) ‘Mises, Hayek, Hahn, and the market process: comment onLittlechild’, in I.M.Kirzner (ed.) Method, Process, and Austrian Economics,Lexington, Mass.: Lexington Books.Williamson, O.E. (1975) Markets and Hierarchies: Analysis and AntitrustImplications, New York: Free Press.—— (1985) The Economic Institutions of Capitalism, New York: Free Press.Winter, S.G. (1971) ‘Satisficing, selection, and the innovating remnant’,Quarterly Journal of Economics 85 (May): 237–61.Woods, W.A. (1987) ‘Knowledge representation: what’s important about it?’, inNick Cercone and G.McCalla (eds) The Knowledge Frontier: Essays in theRepresentation of Knowledge, New York: Springer-Verlag.
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Prices and knowledge
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ContentsAcknowledgmentsvii1 Introdu
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Chapter 1IntroductionIn recent deca
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Introduction 3to changes, and not a
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6 Prices and knowledgeOUTLINE OF TH
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Chapter 2A theory of the market pro
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10 Prices and knowledgeexistence of
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12 Prices and knowledgebehavior of
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14 Prices and knowledgedisequilibri
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16 Prices and knowledgeresources kn
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18 Prices and knowledgeproduce, bet
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20 Prices and knowledgeimportant in
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22 Prices and knowledgeauxiliary’
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24 Prices and knowledgeSome writers
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26 Prices and knowledgeall practica
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28 Prices and knowledgemarket parti
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30 Prices and knowledgeprices fully
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32 Prices and knowledgeoptimal allo
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34 Prices and knowledgeAn example.
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36 Prices and knowledgeIn this case
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38 Prices and knowledgeequilibrium.
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40 Prices and knowledgethose return
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42 Prices and knowledgeprices in th
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44 Prices and knowledgeThe informat
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46 Prices and knowledgeinformationa
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48 Prices and knowledgeas devices f
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50 Prices and knowledgeIt is probab
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52 Prices and knowledgetrue that in
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54 Prices and knowledgeknowledge st
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56 Prices and knowledgereached in r
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58 Prices and knowledgecorrespond t
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60 Prices and knowledgetake it away
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62 Prices and knowledgecritics of t
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64 Prices and knowledgeto work out
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66 Prices and knowledgebehavior in
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68 Prices and knowledgerich’ worl
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70 Prices and knowledgeThus the sim
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72 Prices and knowledgeSimon calls
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74 Prices and knowledgebelieves tha
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76 Prices and knowledgeIf what is u
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78 Prices and knowledgeoccurring wi
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80 Prices and knowledgecomputationa
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82 Prices and knowledgemaximizing a
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84 Prices and knowledgeframework de
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86 Prices and knowledgeAgain Mises
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88 Prices and knowledgepoint that
Page 99 and 100: 90 Prices and knowledgeand B’s ta
Page 101 and 102: 92 Prices and knowledgecoordination
Page 103 and 104: 94 Prices and knowledgeFinally, the
Page 105 and 106: 96 Prices and knowledgeBefore prese
Page 107 and 108: 98 Prices and knowledgeas will be s
Page 109 and 110: 100 Prices and knowledgeapples in l
Page 111 and 112: 102 Prices and knowledgeThe identif
Page 113 and 114: 104 Prices and knowledgeAs with Sim
Page 115 and 116: 106 Prices and knowledgerealized th
Page 117 and 118: 108 Prices and knowledgedeliberate
Page 119 and 120: 110 Prices and knowledgeframework s
Page 121 and 122: 112 Prices and knowledgeMarkets and
Page 123 and 124: 114 Prices and knowledgeassigned an
Page 125 and 126: 116 Prices and knowledgemain virtue
Page 127 and 128: 118 Prices and knowledgechapter 3 t
Page 129 and 130: 120 Prices and knowledgenoticed, wo
Page 131 and 132: 122 Prices and knowledgeAs a by-pro
Page 133 and 134: 124 Notesmoney, the behavior of arb
Page 135 and 136: 126 Notes14 It is not clear why the
Page 137 and 138: 128 Notes39 See also Hahn (1984a:11
Page 139 and 140: 130 Notestheories of cognition held
Page 141 and 142: 132 Notes3 Economists, Nelson and W
Page 143 and 144: ReferencesAkerlof, G.A. (1970) ‘T
Page 145 and 146: 136 ReferencesGilad, B. (1981) ‘A
Page 147 and 148: 138 ReferencesKihlstrom, R.E. and M
Page 149: 140 ReferencesOsana, H. (1978) ‘O
Page 153 and 154: 144 IndexCercone, N. 79change: and
Page 155 and 156: 146 Index61, 118; on costless infor
Page 157 and 158: 148 Indexmisinformation 55, 57mista
Page 159: 150 IndexVeljanowski, C.G. 43voting
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