Questioning Assumptions of Competitive Markets
• John Vandivier
Actors are rational:
- transitivity
- completeness
- nonsatiation
- convexity
- There is few to no such thing as an economic 'good' or a 'bad.' There are things, which are almost always relatively and contextually each.
- exogeneity
- d
- Cooperation, competition, domination. We need a competitive market.
- Preferences may change over time to violate transitivity.
- Preferences may change over time such that a good becomes a bad, violating concavity
- certainty or completeness doesn't exist over time.