Einhorn, Yeti, Nessie und der neoklassische Markt – Legenden und empirische Evidenz
Author:
Filiz Ibrahim,Judek Jan René,Lorenz Marco,Spiwoks Markus
Abstract
The neoclassical market model still has a decisive influence on important economic policy decisions today. A central role in this model is played by the formation of equilibrium prices, where aggregate supply functions and aggregate demand functions meet. We examine whether equilibrium prices are actually formed. For this purpose, we analyse 2,217 prices for homogeneous products that were collected by students between October 2020 and May 2022 in stationary and online retail. In 143 of 146 cases, no equilibrium price is found. The percentage price range is regularly over 100%. The presumed steering function of an equilibrium price does not materialise. The establishment of market mechanisms for the efficient solution of economic problems must therefore be questioned.
Publisher
Sonderforschungsgruppe Institutionenanalyse
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