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The Economics of Business ValuationTowards a Value Functional Approach$
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Patrick Anderson

Print publication date: 2013

Print ISBN-13: 9780804758307

Published to Stanford Scholarship Online: September 2013

DOI: 10.11126/stanford/9780804758307.001.0001

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VALUE IN NEOCLASSICAL ECONOMICS

VALUE IN NEOCLASSICAL ECONOMICS

Chapter:
(p.96) 8 VALUE IN NEOCLASSICAL ECONOMICS
Source:
The Economics of Business Valuation
Author(s):

Patrick L. Anderson

Publisher:
Stanford University Press
DOI:10.11126/stanford/9780804758307.003.0008

The neoclassical model is familiar to generations of college students. This chapter reviews the emergence of the neoclassical or “marginalist” school of economics in the late 19th century, and its formal elements and basic mathematics. It notes elements of the theory that are not settled: utility, risk aversion, and time preference, and discusses the critique of the “behaviorist.” The author then tests the neoclassical model as a practical valuation tool for a business, applying it to three actual businesses. This analysis shows the neoclassical model is not a practical valuation tool.

Keywords:   neoclassical economics, marginalist school, Alfred Marshall, Leon Walras, Carl Menger, William Jevons, profit maximization, behaviorist school, Daniel Kahneman, Richard Thaler

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