An ingenious theory of exchange was developed in Edgeworth’s work titled
Mathematical Psychics published in 1881. The theory, however, failed to be
accepted. Its core concepts such as ‘recontract’ and ‘final settlement’ had been
disregarded and forgotten until Shubik (1959) appreciated them. The failure is
partly ascribable to Edgeworth himself. He should have critically assorted and
evaluated other theories of exchange in comparison with his. He should have
fully explicated and elaborated his concepts in comparison with comparable
ones. Mathematical Psychics was deficient in putting forward the author’s
extraordinary concepts and theory.