In economics, we are often presented with the benchmark of a perfectly competitive market, in which a large number of buyers and sellers trade homogenous products with perfect knowledge regarding price and utility. The only feature Camberwell Sunday Market shares with this benchmark is a large number of buyers and sellers.
How subjective is it?
When asked, economists generally acknowledge that individual preferences differ from person to person, but it seems very easy to forget. Mitchell Harvey questions whether we take subjectivism seriously.