@article {10.3844/ajebasp.2011.623.635,
article_type = {journal},
title = {Price-Value Potential for Near-Perfectly Competitive Markets},
author = {Aityan, Sergey K.},
volume = {3},
year = {2012},
month = {Feb},
pages = {623-635},
doi = {10.3844/ajebasp.2011.623.635},
url = {https://thescipub.com/abstract/ajebasp.2011.623.635},
abstract = {This study introduces price-value potential to be used instead of price for market analysis by analogy with free energy or thermodynamic potential in physics. A conservation principle is proposed for price-value potential. It is shown that price-value potential provides a constructive way for market analysis by identifying variation of equilibrium prices and quantities for different products in market equilibrium. A perturbation theory for a group of products with small differentiations on near-perfectly competitive markets was developed for illustration of the approach. The concept of price-value potential is illustrated in a simple example of a near-perfectly competitive market. It is shown that the equilibrium prices and quantities for products differ due to product differentiation that makes such an approach a constructive enhancement to the classical model of perfect competition. },
journal = {American Journal of Economics and Business Administration},
publisher = {Science Publications}
}