Download or read book Imperfect Information in Markets with Few Competitors written by Paolo G. Garella and published by . This book was released on 1986 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Foundations of Insurance Economics written by Georges Dionne and published by Springer Science & Business Media. This book was released on 1992 with total page 748 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic and financial research on insurance markets has undergone dramatic growth since its infancy in the early 1960s. Our main objective in compiling this volume was to achieve a wider dissemination of key papers in this literature. Their significance is highlighted in the introduction, which surveys major areas in insurance economics. While it was not possible to provide comprehensive coverage of insurance economics in this book, these readings provide an essential foundation to those who desire to conduct research and teach in the field. In particular, we hope that this compilation and our introduction will be useful to graduate students and to researchers in economics, finance, and insurance. Our criteria for selecting articles included significance, representativeness, pedagogical value, and our desire to include theoretical and empirical work. While the focus of the applied papers is on property-liability insurance, they illustrate issues, concepts, and methods that are applicable in many areas of insurance. The S. S. Huebner Foundation for Insurance Education at the University of Pennsylvania's Wharton School made this book possible by financing publication costs. We are grateful for this assistance and to J. David Cummins, Executive Director of the Foundation, for his efforts and helpful advice on the contents. We also wish to thank all of the authors and editors who provided permission to reprint articles and our respective institutions for technical and financial support.
Download or read book Allocation Information and Markets written by John Eatwell and published by Springer. This book was released on 1989-09-21 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an extract from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This volume concentrates on the topic of allocation information and markets.
Download or read book The Economics of Imperfect Information written by Louis Phlips and published by Cambridge University Press. This book was released on 1988 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a systematic presentation of new microeconomic theories of imperfect information.
Download or read book The Economics of Imperfect Competition written by Joan Robinson and published by Springer. This book was released on 1969-07-01 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Competition Under Imperfect Information in Financial Markets written by Stephan Lauermann and published by . This book was released on 2003 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Strategic Interaction and Markets written by Jean J. Gabszewicz and published by OUP Oxford. This book was released on 2000-01-06 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Perfect competition provides the model of a frictionless economy, in which price-setting economic agents behave independently of each other, abandoning to the market the coordination of their individual decisions. The implications of this model are extensively presented in the traditional price theory textbooks. Imperfect competition is the paradigm that develops as soon as economic agents interact in a conscious manner, which is the rule when competition takes place amongst a restricted number of agents. In this system, agents act strategically, taking into account the impact of their decisions on competitors' behaviour and on the price mechanism. Such situations commonly arise when firms differentiate their products, erect strategic entry barriers, or exploit the imperfect information of their customers about the price or characteristics of their product. This book explores the theoretical richness of these economic contexts, using some basic tools of game theory. Designed as an ancillary text for graduate students, it not only summarizes the historic contributions made by economic theorists such as Cournot and Edgeworth, but also makes accessible many of the most recent developments in the same field.
Download or read book Imperfect Markets and Imperfect Regulation written by Thomas-Olivier Leautier and published by MIT Press. This book was released on 2019-03-19 with total page 413 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first textbook to present a comprehensive and detailed economic analysis of electricity markets, analyzing the tensions between microeconomics and political economy. The power industry is essential in our fight against climate change. This book is the first to examine in detail the microeconomics underlying power markets, stemming from peak-load pricing, by which prices are low when the installed generation capacity exceeds demand but can rise a hundred times higher when demand is equal to installed capacity. The outcome of peak-load pricing is often difficult to accept politically, and the book explores the tensions between microeconomics and political economy. Understanding peak-load pricing and its implications is essential for designing robust policies and making sound investment decisions. Thomas-Olivier Léautier presents the model in its simplest form, and introduces additional features as different issues are presented. The book covers all segments of electricity markets: electricity generation, under perfect and imperfect competition; retail competition and demand response; transmission pricing, transmission congestion management, and transmission constraints; and the current policy issues arising from the entry of renewables into the market and capacity mechanisms. Combining anecdotes and analysis of real situations with rigorous analytical modeling, each chapter analyzes one specific issue, first presenting findings in nontechnical terms accessible to policy practitioners and graduate students in management or public policy and then presenting a more mathematical analytical exposition for students and researchers specializing in the economics of electricity markets and for those who want to understand and apply the underlying models.
Download or read book Imperfect competition in international trade written by Winston Chang and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: A theoretical analysis of international trade and industrial policy, developing and using new models of trade with imperfect competition. Modeling of imperfect competition within international trade has been difficult until recent breakthroughs in this area, which have provided a more realistic view of the world economy. The book builds on the advances provided by such tools as game theory and the theory of monopolistic competition. The first section covers broad and basic trade issues which arise under imperfect competition. Section two examines implications for trade policy covering issues such as strategic trade policy in static and dynamic settings. Section three deals with various structural issues, such as optimal choice of trade liberalizing policies, the formation of trade blocks, and open dualistic economy with externalities.
Download or read book The World of Economics written by John Eatwell and published by Springer. This book was released on 1991-05-13 with total page 766 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are the central questions of economics and how do economists tackle them? This book aims to answer these questions in 100 essays, written by economists and selected from "The New Palgrave: A Dictionary of Economics". It shows how economists deal with issues ranging from trade to taxation.
Download or read book Information Structures in Economics written by M. Nermuth and published by Springer Science & Business Media. This book was released on 2013-03-13 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is intended as a contribution to the theory of markets with imperfect information. The subject being nearly limitless, only certain selected topics are discussed. These are outlined in the Introduction (Ch. 0). The remainder of the book is divided into three parts. All results of economic significance are contained in Parts II & III. Part I introduces the main tools for the analysis, in particular the concept of an information structure. Although most of the material presented in Part I is not original, it is hoped that the detailed and self-contained exposition will help the reader to understand not only the following pages, but also the existing technical and variegated literature on markets with imperfect information. The mathematical prerequisites needed, but not explained in the text rarely go beyond elementary calculus and probability theory. Whenever more advanced concepts are used, I have made an effort to give an intuitive explanation as well, so that the argument can also be followed on a non-technical level (cf. e.g. the treatment of the "generic" viewpoint in Ch. 9). In the same spirit, discussion of mathematical assumptions is limited to those which have economic sig- ficance, whereas purely "technical" assumptions (like differentiability or integrability of certain functions) are usually made without comment whenever convenient. The logical interdependence of chapters is as follows: Ch. 3 . Ch. 1 /~I--=---- Ch. 4 Ch. 2 Ch. 8 ~I -=--- /"'-.... Ch.
Download or read book Multimarket Contact and Imperfect Information written by Federal Trade Federal Trade Commission and published by CreateSpace. This book was released on 2015-06-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: With perfect information about relevant strategic variables, economic theory predicts that firms engaged in competition across several markets sometimes can use their multimarket contact to blunt competitive forces. In practice, perfect information likely is not available, and it is well known that the existence of imperfect information can impede firms' collusive efforts. I extend a standard oligopoly supergame to examine simultaneously the effects of imperfect information and multimarket contact on the degree of cooperation that firms can sustain, and I reach the following conclusions. First, linkage of one market with perfect information and another with imperfect information may not increase profits, despite the slack in incentive constraints exploited in perfect information models. Second, multimarket contact does not increase profits if each market has too little uncertainty. Third, profits can be increased in a market in which some collusion initially is sustainable by linking it with a market in which no collusion initially is sustainable. The central theme of these results is that a market must generate sufficiently noisy signals for it to benefit another market through strategic linkage. This contrasts with the finding in individual markets that collusion decreases as the level of noise increases.
Download or read book Microeconomic Theories of Imperfect Competition written by Jean Jaskold Gabszewicz and published by Edward Elgar Publishing. This book was released on 1999 with total page 856 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of readings provides a broad overview of the major theoretical concepts in the field and includes papers on industry size, quantity and price competition, entry barriers, product differentiation, incomplete information and general equilibrium with imperfect competition.
Download or read book Researches Into the Mathematical Principles of the Theory of Wealth written by Antoine Augustin Cournot and published by . This book was released on 1897 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Trade Policy Issues and Empirical Analysis written by Robert E. Baldwin and published by University of Chicago Press. This book was released on 2008-04-15 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Interest in U.S. trade policy has been stimulated in recent years by the massive American trade deficit, by the belief that intervention by foreign governments in international markets has given other countries a competitive edge over the United States, and by concern about the increase in protectionism among industrial countries. In turn, major analytical developments in international economics have revolutionized trade theory, broadening its scope both by introducing in a more formal manner such concepts as imperfect competition, increasing returns, product differentiation, and learning effects and by including the study of political and economic factors that shape trade policy decisions. This collection of papers—the result of a conference held by the NBER—applies these "new" trade theories to existing world cases and also presents complementary empirical studies that are grounded in more traditional trade theories. The volume is divided into four parts. The papers in part 1 consider the problem of imperfect competition, empirically assessing the economic effect of various trade policies introduced in industries in which the "new" trade theory seems to apply. Those in part 2 isolate the effects of protection from the influences of the many economic changes that accompany actual periods of protection and also examine how the effects from exogenous changes in economic conditions vary with the form of protection. Part 3 provides new empirical evidence on the effect of foreign production by a country's firms on the home country's exports. Finally, in part 4, two key bilateral issues are analyzed: recent U.S.-Japanese trade tensions and the incident involving the threat of the imposition of countervailing duties by the United States on Canadian softwood lumber.
Download or read book Multimarket Contact and Imperfect Information written by Federal Trade Federal Trade Commission and published by Createspace Independent Publishing Platform. This book was released on 2016-01-10 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: With perfect information about relevant strategic variables, economic theory predicts that firms engaged in competition across several markets sometimes can use their multimarket contact to blunt competitive forces. In practice, perfect information likely is not available, and it is well known that the existence of imperfect information can impede firms' collusive efforts. I extend a standard oligopoly supergame to examine simultaneously the effects of imperfect information and multimarket contact on the degree of cooperation that firms can sustain, and I reach the following conclusions. First, linkage of one market with perfect information and another with imperfect information may not increase profits, despite the slack in incentive constraints exploited in perfect information models. Second, multimarket contact does not increase profits if each market has too little uncertainty. Third, profits can be increased in a market in which some collusion initially is sustainable by linking it with a market in which no collusion initially is sustainable. The central theme of these results is that a market must generate sufficiently noisy signals for it to benefit another market through strategic linkage. This contrasts with the finding in individual markets that collusion decreases as the level of noise increases.
Download or read book The Economics of Imperfect Knowledge written by G. B. Richardson and published by Edward Elgar Publishing. This book was released on 1998-01-01 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: G.B. Richardson's writings, although from 1953 to 1972, are still very relevant to modern economics. The central theme of this book of his papers is that the knowledge upon which business decisions are taken is limited and uncertain and that the availability of it is affected by market structure.
