Economics of Markets

Sabiou M. Inoua is a visiting research associate at the Economic Science Institute at Chapman University. His primary research now pertains to value theory and its intellectual history; his other research interests include the stylized facts of financial markets, the link between economic complexity and economic development, and the theory of inequality measurement.Dr. Vernon L. Smith received the Nobel Prize in Economic Sciences in 2002 for his groundbreaking work in experimental economics. Dr. Smith has joint appointments with the Argyros School of Business & Economics and the School of Law, and is part of the team that has created the new Economic Science Institute at Chapman University. He is also a cofounder of The Smith Institute for Political Economy and Philosophy which has been established to create the Humanomics undergraduate research and education program at Chapman University.

• Chapter 1.  Introduction.- Chapter 2.  Rediscovering Classical Economics in the Laboratory.- Chapter 3.  Price Formation: Overview of the Theory.- Chapter 4.  Price Formation: Partial Equilibrium.- Chapter 5.  Price Formation: General Equilibrium.- Chapter 6.  Financial Instability: Re-tradable Assets and Speculation.