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| Author: | Yates, A. |
| Title: | The knowledge problem, entrepreneurial discovery, and Austrian market process theory |
| Journal: | Journal of Economic Theory
2000 : MAR, VOL. 91:1, p. 59-85 |
| Index terms: | ECONOMIC THEORY AUSTRIA ENTREPRENEURSHIP |
| Language: | eng |
| Abstract: | Using a stylized model of the used car market, the authors extend the formal theory of the Austrian market process in three directions. First, the author incorporate the knowledge problem and entrepreneurial alertness for the discovery of previously unknown information. Second, the author allows for the possibility that entrepreneurs may make mistakes. Third, the author describes the effect of entrepreneurial behavior on disequilibrium market adjustment. |
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