Theory of Markets: Trade and Space-Time Patterns of Price Fluctuations. a Study in Analytical Economics

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Springer-Verlag GmbH, 1995 - Business & Economics - 405 pages
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The purpose of the book is to investigate the foundations of international and interregional trade at the microeconomic level of spatially separated commodity markets. At this level, price arbitrage and local disparities in production and demand functions are the main determinants. The model, referred to as the Enke-Samuelson model, is developed step by step: first it is introduced in the perspective of spatial price equilibrium, then its dynamic extension is applied to non-equilibrium situations; finally it is formulated in the framework of random fields. The theoretical construction goes hand in hand with empirical investigation and the model is confronted against statistical evidence whenever it is possible.

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About the author (1995)

A theoretical physicist by education, Dr Bertrand M. Roehner has been investigating social and economic phenomena during the past 15 years. He is the author of Theory of Markets (1995) which explored the space-time structure of commodity prices, and also of Hidden Collective Factors in Speculative Trading (2001). The approach used in these books demonstrates how the observational strategy invented by physicists and successfully applied in astrophysics and biophysics, can be fruitfully applied in the social sciences as well. Professor Roehner has been a visiting scholar at the Harvard Department of Economics (1994 and 1998) and at the Copenhagen Institute of Economics (1996); and he currently serves on the physics faculty of the University of Paris VII.