Book contents
PART II - IMPERSONAL EXCHANGE: THE EXTENDED ORDER OF THE MARKET
Published online by Cambridge University Press: 18 May 2010
Summary
It appears more natural to regard action in a market … as being action under low rather than high information conditions. … If each player knows only his own costs … then neither non-cooperative game theory nor the theory of competition give conditions which are satisfactory in general to describe the attainment of an equilibrium.
Shubik (1959, p. 172)… the aim of a skilful performance is achieved by the observance of a set of rules which are not known as such to the person following them.
Polanyi (1962, p. 49)- Type
- Chapter
- Information
- Rationality in EconomicsConstructivist and Ecological Forms, pp. 43 - 44Publisher: Cambridge University PressPrint publication year: 2007