[This] beautiful and austere book . . . [is] an important landmark of economic theory.-F.H. Hahn, Journal of Political Economy An immortal classic of twentieth century economics. Every economist should own a copy.-Robert Lucas, University of Chicago Theory of Value offers a rigorous, axiomatic, and formal analysis of producer behavior, consumer behavior, general equilibrium, and the optimality of the market mechanism for resource allocation.
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Harrell et al. (1960) studied this question.