Market Microstructure: Intermediaries and the Theory of the FirmCambridge University Press, 13. 4. 1999 - Počet stran: 374 This book presents a theory of the firm based on its economic role as an intermediary between customers and suppliers . Professor Spulber demonstrates how the intermediation theory of the firm explains firm formation by showing how they arise in a market equilibrium. In addition, the theory helps explain how markets work by showing how firms select market-clearing prices. Models of intermediation and market microstructure from microeconomics and finance shed considerable light on the formation and market making activities of firms. The intermediation theory of the firm is compared to existing economic theories of the firm including the neoclassical, industrial organization, transaction cost, and prinicipal-agent models. |
Obsah
Market microstructure and intermediation | 3 |
11 Who decides? | 4 |
12 The circular flow of economic activity | 7 |
13 Comparison with other economic theories of the firm | 13 |
14 Intermediation in the US economy | 21 |
15 Conclusion | 26 |
Price setting and intermediation by firms | 27 |
21 Price setting by intermediaries | 28 |
73 Market clearing by intermediaries | 182 |
74 Product quality and guaranties by experts | 193 |
75 Conclusion | 197 |
Appendix | 198 |
Adverse selection in financial markets | 203 |
81 Insiders liquidity traders and specialists | 205 |
82 Competition between specialists | 211 |
83 Informed intermediaries | 215 |
22 Allocation under uncertainty and over time | 34 |
23 Price adjustment by intermediaries | 40 |
24 Inventories and market clearing by intermediaries | 48 |
25 Conclusion | 57 |
Competition and market equilibrium | 59 |
Competition between intermediaries | 61 |
31 Bertrand competition for inputs with homogeneous products | 64 |
32 Bertrand price competition with differentiated products and purchases | 68 |
33 Bertrand competition with switching costs | 71 |
34 Bertrand competition when costs differ | 74 |
35 Conclusion | 79 |
Intermediation and general equilibrium | 81 |
41 The neoclassical theory of the firm | 83 |
42 Transaction costs and Walrasian equilibrium | 94 |
43 Monopoly intermediation in general equilibrium | 96 |
44 Monopolistic competition | 104 |
45 Conclusion | 106 |
Appendix | 108 |
Intermediation versus decentralized trade | 115 |
Matching and intermediation by firms | 117 |
51 Intermediation versus a matching market | 118 |
52 Costly intermediation | 126 |
53 Intermediation with random matching | 130 |
54 Intermediation and matching with production | 134 |
55 Conclusion | 137 |
Search and intermediation by firms | 140 |
61 The market model | 144 |
62 Market equilibrium | 150 |
63 Comparison with Walrasian equilibrium and with monopoly | 154 |
64 Market equilibrium with continual entry of consumers and suppliers | 159 |
65 Conclusion | 162 |
Appendix | 164 |
Intermediation under asymmetric information | 169 |
Adverse selection in product markets | 171 |
71 Intermediated trade | 173 |
72 Intermediated trade with production | 179 |
84 Credit rationing by financial intermediaries | 219 |
85 Conclusion | 224 |
Intermediation and transactioncost theory | 227 |
Transaction costs and the contractual theory of the firm | 229 |
91 Transaction costs versus management costs | 232 |
92 Transaction costs uncertainty and bounded rationality | 236 |
93 Transaction costs and opportunism | 245 |
94 Transaction costs and ownership | 251 |
95 Conclusion | 254 |
Transaction costs and the intermediation theory of the firm | 256 |
101 Transaction costs and market microstructure | 259 |
102 Intermediation and vertical integration | 266 |
103 Intermediation and opportunism | 276 |
104 Intermediation and ownership | 281 |
105 Conclusion | 285 |
Intermediation and agency theory | 287 |
Agency and the organizational incentive theory of the firm | 289 |
111 Vertical integration and the boundaries of the firm | 291 |
112 Coordination of agents by the firm | 299 |
113 Delegation of authority by owners to managers | 306 |
114 Delegation of authority by managers to employees | 314 |
115 Conclusion | 317 |
Agency and the intermediation theory of the firm | 319 |
121 What is an agent? | 321 |
122 Delegated bargaining | 329 |
123 Delegated competition | 332 |
124 Delegated monitoring | 335 |
125 Conclusion | 342 |
Conclusion | 344 |
The intermediation theory of the firm | 345 |
Market microstructure and intermediation | 348 |
Management implications | 350 |
Public policy implications | 351 |
353 | |
369 | |
Další vydání - Zobrazit všechny
Market Microstructure: Intermediaries and the Theory of the Firm Daniel F. Spulber Omezený náhled - 1999 |
Market Microstructure: Intermediaries and the Theory of the Firm Daniel F. Spulber Náhled není k dispozici. - 1999 |
Market Microstructure: Intermediaries and the Theory of the Firm Daniel F. Spulber Náhled není k dispozici. - 1999 |
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activities adverse selection agency agents allocation analysis ask and bid ask price asset asymmetric information bargaining bid and ask bid price bid-ask spread bounded rationality buyers and sellers Chapter commitment competition consider constraint consumer's consumers and suppliers costly costs of search customers and suppliers decentralized decision delegation demand and supply direct exchange discount rate distribution economic efficient equal equilibrium price expected firm's gains from trade incentives increasing input intermediated exchange intermediation theory inventories liquidity traders managers marginal cost market clearing market equilibrium market maker market microstructure market power matching market mechanism monitoring moral hazard neoclassical observes opportunity cost optimal organization organizational outcome output ownership parameter price adjustment price setting principal problem profit-maximizing purchases reduce returns risk role sell Spulber strategy supply and demand supply functions Suppose tion transaction costs transaction-cost vertical integration Walrasian auctioneer Walrasian equilibrium Walrasian price willingness to pay
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