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John Paul Koning
2012

High-Frequency Trading: Menger vs. Walras

Mises Daily

Author: John Paul Koning

Online Publish Date: March 8, 2012

Category: Financial Markets

While Carl Menger and Léon Walras simultaneously discovered the principle of marginal utility, their ideas about the nature of market prices are very different. Walras was more interested in the final equilibrium prices arrived at by traders than the process by which these prices were formed. Therefore, he dramatically simplified the pricing

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