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The New Palgrave Dictionary of Economics pp 8298–8307Cite as

Palgrave Macmillan

Markets

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Abstract

Until recently, and despite strong interest in market outcomes, economists have paid relatively little attention to the institutional structure of markets. This article considers the historical evolution of markets and poses some dilemmas concerning their definition. Several alternative definitions are considered, involving different degrees of historical specificity. It is argued that developments in economics and elsewhere since the 1980s point to a more nuanced view of markets, involving a recognition of different types of market mechanisms and institutions. These developments include work in experimental economics and auction theory. A definition of markets is offered that is consistent with these developments.

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Authors and Affiliations

  1. http://link.springer.com/referencework/10.1057/978-1-349-95121-5

    Geoffrey M. Hodgson

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  1. Geoffrey M. Hodgson
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Hodgson, G.M. (2018). Markets. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2113

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