Microeconomics Books

Book SynopsisThis textbook aims to provide a comprehensive overview of the essentials of microeconomics. It offers unprecedented depth of coverage, whilst allowing lecturers to ''tailor-make'' their courses to suit personal priorities. Covering topics such as noncooperative game theory, information economics, mechanism design and general equilibrium under uncertainty, it is written in a clear, accessible and engaging style and provides practice exercises and a full appendix of terminology.Trade Review"A seminal textbook in that Area. Should be used (and kept) by all graduate students in economic modelisation". * Professor Ferrer, Professor, University of Caen *A very thorough and up to date presentation of the most important topics in Microeconomics. In my opinion this book will be the main text in many years to come. * Ulrich K. Schittko, Universitat Augsburg *This is an excellent text book which will be the "bible" for economic theory. * Dr T. Hens, University of Bonn *This is a superb, challenging text in micro theory - rigorous, solid and complete, priced competitively. * Colm Harmon, Maynooth College *This impressive piece is bound soon to become a standard reference for those teaching microeconomics at the graduate level ... this book reads reasonably well and covers virtually all the material on microeconomic theory that can be taught to doctoral students up to date ... The obvious qualities of this book are clarity and lucidity. In most cases, precise definitions and formal proofs of propositions are supplied, accompanied by appropriate remarks, discussions, and examples. Not only does this rigorous treatment help readers to get a clear idea of the basic theory, but also, as an important byproduct, it teaches them how to reconstruct the proofs themselves ... the main quality of this book is probably that the recourse to abstraction is never fortuitous: it is always justified by a research conciseness and is systematically motivated by simple yet convincing illustrations. * Economica *Table of ContentsPART I: INDIVIDUAL DECISION-MAKING; PART II: GAME THEORY; PART III: MARKET EQUILIBRIUM AND MARKET FAILURE; PART IV: GENERAL EQUILIBRIUM; PART V: WELFARE ECONOMICS AND INCENTIVES

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Book SynopsisNonlinear pricing is pricing that is strictly proportional to the quantity purchased. For example, railroad tariffs are often based on weight, volume, and distance to be shipped; airlines offer frequent flyer bonuses based on miles flown; electric utilities charge different rates for different amounts of electricity used combined with the time it is used based on peak power demands. The book is divided into two parts. The first in a non-mathematical discussion of nonlinear pricing and the second part is more technical and is intended for readers interested in advanced topics.Trade ReviewMasterful book ... The bibliography itself is exhaustive and will be the standard source of reference for years to come. Robert Wilson has written an important book ... Nonlinear Pricing is already established as an essential reference for those working on monopoly pricing issues, both theoretical and empirical. However its methodological contributions should make it valuable to the wider audience of economists working on a range of topics in the Economics of Information. * Journal of Economic Literature *

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Book SynopsisThis book brings together in one place the work of one of our most respected economic theorists, on a field which he has played a large part in originating: the New Institutional Economics. Transaction cost economics, which studies the governance of contractual relations, is the branch of the New Institutional Economics with which Oliver Williamson is especially associated.Transaction cost economics takes issue with one of the fundamental building blocks in microeconomics: the theory of the firm. Whereas orthodox economics describes the firm in technological terms, as a production function, transaction cost economics describes the firm in organizational terms, as a governance structure. Alternative feasible forms of organization--firms, markets, hybrids, bureaus--are examined comparatively. The analytical action resides in the details of transactions and the mechanisms of governance.Transaction cost economics has had a pervasive influence on current economic thought about how and why iTrade Review"The Mechanisms of Governance is sure to be of interest to all who study economics, organization, management, and law. Moreover, it contains new and useful insights for any manager who wants to stay on the leading edge of economic theory."--Cal Business"...a work of scholarship written for posterity by one of the leading social scientists of our time. [It] should achieve the status of a classsic text quickly.... [Williamson] provides a conceptual framework simple enough to be used and yet exact and complex enough to accommodate continuing insights into the workings of organizations."--Academy of Management Review"Even those who have read most of it could benefit from reading it again as a whole. Williamson's accomplishments are many. He is preeminent in his field. One could almost say that he is the field."--Journal of Economic Issues"The Mechanisms of Governance is...a valuable summing up of both an especially influential body of work and the career of a great economist."--Business History ReviewTable of ContentsPrologue ; PART I: OVERVIEW ; 2. Chester Barnard and the Incipient Science of Organization ; 3. Transaction Cost Economics ; PART II: CONCEPTS AND APPLICATIONS ; 4. Comparative Economic Organization: The Analysis of Discrete Strucutural Alternatives ; 5. Credible Commitments: Using Hostages to Support Exchange ; 6. Economic Institutions: Spontaneous and Intentional Governance ; 7. Corporate Finance and Corporate Governance ; 8. The Politics and Economics of Redistribution and Inefficiency ; PART III: ORGANIZATIONS ; 9. Transaction Cost Economics and Organization Theory ; 10. Calculativeness, Trust, and Economic Organization ; PART IV: PUBLIC POLICY ; 11. Delimiting Antitrust ; 12. Strategizing, Economizing, and Economic Organization ; 13. The Institutions and Governance of Economic Development and Reform ; PART V: CONTROVERSY AND PERSPECTIVES ; 14. Transaction Cost Economics Meets Posnerian Law and Economics ; 15. Transaction Cost Economics and the Evolving Science of Organization ; Glossary

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Book SynopsisFrom Benjamin Franklin to Ragged Dick to Jack Kelly, hero of the Disney musical Newsies, newsboys have long intrigued Americans as symbols of struggle and achievement. But what do we really know about the children who hawked and delivered newspapers in American cities and towns? Who were they? What was their life like? And how important was their work to the development of a free press, the survival of poor families, and the shaping of their own attitudes, values and beliefs?Crying the News: A History of America''s Newsboys offers an epic retelling of the American experience from the perspective of its most unshushable creation. It is the first book to place newsboys at the center of American history, analyzing their inseparable role as economic actors and cultural symbols in the creation of print capitalism, popular democracy, and national character. DiGirolamo''s sweeping narrative traces the shifting fortunes of these little merchants over a century of war and peace, prosperity and depression, exploitation and reform, chronicling their exploits in every region of the country, as well as on the railroads that linked them. While the book focuses mainly on boys in the trade, it also examines the experience of girls and grown-ups, the elderly and disabled, blacks and whites, immigrants and natives.Based on a wealth of primary sources, Crying the News uncovers the existence of scores of newsboy strikes and protests. The book reveals the central role of newsboys in the development of corporate welfare schemes, scientific management practices, and employee liability laws. It argues that the newspaper industry exerted a formative yet overlooked influence on working-class youth that is essential to our understanding of American childhood, labor, journalism, and capitalism.Trade ReviewCrying the News is a remarkable work of scholarship and should be accepted and celebrated as such. * David Nasaw, Graduate Center of the City University of New York (retired), Journal of the History of Childhood and Youth *In Crying the News: A History of America's Newsboys, Vincent DiGirolamo gives newsboys the historical weight they are due. ... Future scholars of child labor and print journalism will benefit from DiGirolamo's historical unearthing of their lived experiences, deftly contextualized within the broad arc of American history. * Cristina Groeger, The Metropole *To say the book is a comprehensive, definitive account of the subject would be a grotesque understatement. DiGirolamo has spent more than two decades researching this subject, and the results are breathtaking. The author resurrects countless historical characters, telling their stories with ingenuity and grace. At the same time, he provides a comprehensive history of American newspaper publishing and supplies one of the best contributions to the history of youth yet to appear.... At first glance, a history of news hawkers might seem like a limited subject, but Crying the News is social history at its best. For anyone looking for a comprehensive social history of the (really) long nineteenth century, this book would be an excellent place to start. * James Schmidt, New England Quarterly *Monumental....The book situates newsboys in the march of history from the country's economic takeoff, to the rupture between labor and capital, to government interventions into laboring children's welfare.... DiGirolamo's...attention to both the positive and negative sides of newsboys' lived experiences...and their varying complicity with and resistance to capitalism, makes for a well-balanced book that refuses to romanticize its subjects. * Ronald J. Zboray and Mary Saracino Zboray, Journalism History *Rescuing 'newsies' from the condescension of history with inventive curiosity and stunningly wide research, Vincent DiGirolamo has restored these crucial child laborers-boys and girls, white and black-to their central place in American cities. His revelations about hawking the news offer an ingenious guide to understanding the changing relations between labor and capital and between print media and society in the United States. * Nancy F. Cott, Harvard University *Richly researched, incisively analytic, and compellingly written, Crying the News cuts through the nostalgic myths that envelop the newsboy and lets us enter into their lives, with their distinctive banter, camaraderie, argot, dress, rituals, and ethics. A vivid window into the nation's first urban youth culture and the evolution of news media, this book offers a stunning example of a history that treats the young as active agents who were far more capable and competent than contemporary society assumes. * Steven Mintz, University of Texas at Austin *Crying the News offers a century of American history through the lens of one of our most iconic characters- the newsboy. DiGirolamo focuses on the intimate relationship between news criers and capitalism. Newsboys' voices animate the narrative and deepen our understanding not only of their lives, but also of their communities and their nation. * James Marten, Marquette University *Traditionally a stock figure in American history and culture, the newsboy finally sheds his (and her) picaresque, picturesque, and marginal status in Vincent DiGirolamo's comprehensive and revelatory study. At once a social, cultural, labor, reform, journalism, and capitalist history, Crying the News is an amazing feat of research and writing that, with extraordinary scope and meticulous detail, captures the diverse experience of the 'newsies'as it reveals how we cannot fully understand a hundred years of US life without reckoning with these children and young adults. * Joshua Brown, City University of New York Graduate Center *[This book] reveals the ubiquity of newsboys whose names were rarely recorded, finding their traces in literature, as well as posters, art, and photographs, many of which are reproduced in thirty-three beautiful color plates. DiGirolamo's historically contextualized close readings of these visual artifacts bring newsboys to zestful life for the reader. His book emphasizes that the newsboy's role was not limited to selling and distributing newspapers but expansive enough to reshape the newspaper business, social reform movements, children-related government policies, and even literary representations of children. * Jewon Woo, American Periodicals *Table of ContentsIntroduction: Echoes Down the Alleys of History PART ONE: CHILDREN OF THE PENNY, 1833-1865 1. Rising with the Sun 2. Voice of Young America 3. Johnny Morrow and the Dangerous Classes 4. Battle Cries PART TWO: CHILDREN OF THE BREACH, 1866-1899 5. Disorder in the Air 6. Riding the Wanderlust Express 7. Rumblings in the West 8. Press Philanthropy and the Politics of Want 9. Yelling the Yellows PART THREE: CHILDREN OF THE STATE, 1900-1940 10. Bitter Cry of Progress 11. Sidewalks of Struggle 12. Call to Service 13. Roar of the Tabloids 14. Son of the Forgotten Man Conclusion: The Thump on Lost Porches Index

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Book SynopsisThis book using tools of industrial organization and business policy comprehensively examines how a firm can maximise short and long term gains for its stakeholders. This volume may be described as a book on industrial organization with a buisness policy perspective.

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Book SynopsisThis important book analyses the impact of macroeconomic reforms in India through an econometric model. The book concludes that the economy has shifted to a higher growth path in recent years, however to further accelerate it would require substantial improvement in both productivity of capital and rate of investment.

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Book SynopsisThis volume breaks new ground in the economic theory of institutions. The contributors show how some of the tools of advanced economic theory can usefully contribute to an understanding of how institutions operate. They show how sound theoretical analysis can in fact enable economists to reach conclusions which will help practitioners avoid many pitfalls in the formation and implementation of development policies, both within individual countries and in the context of international aid.Trade Reviewwell worth reading * Journal of Institutional and Theoretical Economics *a welcome contribution to an economic understanding of institutions * Quarterly Journal of International Agriculture *the book may well become a standard reference in institutional economics, especially in the context of LDCs, and will additionally stimulate efforts towards more applied research * Weltwirtschaftliches Archiv (Review of World Economics) *Table of ContentsGeneral introduction; Land and labour; Credit and interlinked transactions; Marketing and insurance; Co-operatives, technology and the State

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Book SynopsisThis book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other hand why firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In the remainder of the book, incomplete contacting ideas are applied to understand firms'' financial decisions, in particular, the nature of debt and equity (why equity has votes and creditors have foreclosure rights); the capital structure decisions of public companies; optimal bankruptcy procedure; aTrade ReviewMr Hart provides some impressive insights. Other economists will no doubt be indebted to him. * The Economist *I expect it to be essential reading for any economics or finance Ph.D. student interested in corporate finance ... this volume should contribute to the development of the contracts approach to corporate finance ... an excellent exposition of the incomplete contracts approach to the theory of the firm ... it is a fine survey of the author's contributions to the theory of firm boundaries and financial structure. As such, I commend it highly. * Review of Financial Studies *...very stimulating book ... offers an excellent introduction to teh theory of incomplete contracts. Furthermore, it shows that a few fundamental ideas may be sufficient to explain a diversity of real world phenomena. It can be recommended to all those who are interested in the study of firms, markets, and other economic institutions. * Journal of Institutional and Theoretical Economics *Essential reading for any economics or finance Ph.D. student interested in corporate finance ... provides an excellent exposition of the incomplete contracts approach to the theory of the firm ... it is a fine survey of the author's contributions to the theory of firm boundaries and financial structure. As such, I commend it highly. * Review of Financial Studies *

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Book SynopsisA guide to the main determinants of firm structure, market structure, industrial innovation, and static market performance. It also looks at the policy issues raised by collusion and the behaviour of dominant firms, with reference to EU competition policy, focusing on performance in and policy toward imperfectly competitive international markets.Table of ContentsPreface ; 1. Background ; 2. Oligopoly markets: noncooperative behaviour ; 3. Collusion and tacit collusion ; 4. Dominance ; 5. Innovation ; 6. Organization ; 7. Imperfect competition and international trade: I ; 8. Imperfect competition and international trade: II ; 9. Trade policy and competition policy ; 10. Market integration in the European Union ; References

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Book SynopsisTraditional development economics has recently been revolutionized by the application of new economic tools and concepts. Development Microeconomics is the first in a series of books which will look at the entire spectrum of development economics issues, combining the strengths of conventional developmental thought with the insights of contemporary mainstream economics. The main new conceptual tool used is the application of the theory of imperfect information and the effects this has on the the behaviour of economic agents. This helps to explain why perfect competition models rarely have success when dealing with developing economies. The authors also stress the necessity of balance in dealing with many of the classic problems in development studiesthe importance of both the individual as economic agent and cultural norms as the framework of social behaviour; the dual relationship between equity and efficiency in economic policy-making; the importance of market rivalry and the potentiTrade ReviewThis is an excellent book. It is a comprehensive survey of the issues of the household economy in developing countries ... essential reading not only for graduate students, but also for anyone intending to do research in development economics ... It sure made me want to read more. * Pushkar Maitra, Economic Record, Vol.76, No.234, Sept 2000 *Table of ContentsIntroduction ; Household Economics ; Population ; Fragmented Markets: Labour ; Migration ; Rural Land Market ; Fragmented Credit Markets ; Risk and Insurance in an Agricultural Economy ; Interlinkage of Transactions and Rural Development ; Human Capital and Income Distribution ; Poverty Alleviation: Efficiency and Equity Issues ; Technological Progress and Learning ; Environment and Development ; Trade and Development ; The Dual Economy ; Intersectoral Complementarities and Coordination Failures ; Instiutional Economics and the State in Economic Development

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Book SynopsisThis text is designed for intermediate and final year undergraduate, first year graduate and MBA programmes in managerial economics and applied microeconomic analysis. Written in a clear and accessible style, it covers all areas of managerial economics courses, and complements theoretical concepts with practical applications. It includes lists of key terms, chapter summaries, review questions, and a reference section.Trade Reviewuseful as a reference text for practising managers. * Aslib Book Guide, Vol.65, No.7, July 2000. *'Concentrating on economic models rather than trendy strategy frameworks...each chapter is illustrated with small examples, not full cases, which is what one wants.' Peter Buckley, professor of international business, University of Leeds. The Times Higher Education Supplement May 2000Table of ContentsPART ONE: INTRODUCTION ; PART TWO: DECISION ANALYSIS, TOOLS AND TECHNIQUES ; PART THREE: DEMAND AND COST ANALYSIS ; PART FOUR: MARKET STRUCTURE AND THEORIES OF THE FIRM ; PART FIVE: PRICING AND RELATED DECISIONS ; PART SIX: REGULATORY INTERVENTION ; PART SEVEN: ORGANIZATIONAL ARCHITECTURE

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Book SynopsisThe widely-acclaimed Oxford Review of Economic Policy publishes papers written in a non-technical style by leading policy experts. This second edition of Readings in Microeconomics presents a revised and updated selection of the most significant OREP papers in microeconomics, chosen by the Managing Editor Dr Tim Jenkinson of Keble College Oxford. Topics covered include Industrial Organization, Research and Development, Competition and IndustrialPolicy, Regulation, Externalities and the Environment, International Trade, the Labour Market, and Education and Training. This coverage makes the book an ideal text for second- and third-year students of microeconomics. A companion volume in Macroeconomics is also available.Table of ContentsPART I: INDUSTRIAL ORGANIZATION; PART II: RESEARCH AND DEVELOPMENT; PART III: COMPETITION AND REGULATORY POLICY; PART IV: EXTERNALITIES AND THE ENVIRONMNENT; PART V: INTERNATIONAL TRADE; PART VI: EDUCATION AND TRAINING

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Book SynopsisThe typical British publicly traded company has widely dispersed share ownership and is run by professionally trained managers who collectively own an insufficiently large percentage of shares to dictate the outcome when shareholders vote. This separation of ownership and control has not only dictated the tenor of corporate governance debate in Britain but serves to distinguish the UK from most other countries. Existing theories fail to account adequately for arrangements in the UK. Corporate Ownership and Control accordingly seeks to explain why ownership became divorced from control in major British companies. The book is organized by reference to the ''sell side'', which encompasses the factors that might prompt those owning large blocks of shares to exit or accept dilution of their stake, and the ''buy side'', which involves factors that motivate investors to buy equities and deter the new shareholders from themselves exercising control. The book''s approach is strongly historicalTrade ReviewThis fine survey is a definitive contribution to British business and legal history, but it can also be recommended to anyone trying to understand long-run developments in financial markets and corporate governance elsewhere. * Leslie Hannah, Business History Review *Its ideas are too important to be limited to universities and libraries. And, although the focus is on Britain, it has relevance for other economies, not least the US. * Morgen Witzel, Financial Times *Cheffin's book is an excellent contribution to the missing debate and literature in the United Kingdom on why the separation of ownership from control occured in the United Kingdom. It provides credible reasons with empirical data to support the findings. there are some useful charts and data by way of support. This book is highly recommended and should be on all bookshelves. * Dr Saleem Sheikh, International Company and Commercial Law Review, Issue 10, 2009 *A fascinating analytical investigation of a pervasive feature of modern British companies...for those seeking an understanding of how British companies have developed and of the underlying reasons for the governance of British companies, in their historical and economic context, there can be no better place to start than with this book. It has been meticulously and scrupulously researched and is elegantly and engagingly written...Professor Cheffin's book embodies the very best features of academic scholarship and deserves to be widely read and consulted. It comes with this reviewer's strongest endorsement. * Professor Stephen Girvin, The Journal of Business Law, Issue 7, 2009 *Business historians, economists and, I am sure, a much wider readership will turn repeatedly to this volume for a substantive account of the ownership of British business over the past two centuries * Robin Pearson, University of Hull, Business Archives: Sources and History, No 99 *The author states that the book 'offers numerous insights for those interested in comparative corporate governance, for those engaged in the study of British business and economic history and for those intrigued by the relationship between law and markets' (p.24). There is no doubt that the book succeeds in doing this and in doing it exceedingly well. * Graeme Wines, Accounting History 15.133 *The book offers various insights for advanced students and researchers interested in British business and economic history. And, although it focuses on Britain, the book is a mine of insightful information for those seeking an improved understanding of comparative corporate governance. * Dionysia Katelouzou, Phd, University of Cambridge, Cambridge Student Law Review *...[This book] display[s] an impressive commitment to a multi-disciplinary approach which embraces law, financial economics, and politics, plus frequent checks on empirical evidence, when available. * Ron Weir, University of York, Economic History Review 62.4 *An invaluable source of thought for anyone involved with the basic assumptions of company law * Wolf-Georg Ringe, European Business Organisation Law Review *Table of ContentsPreface ; Table of Cases ; Table of Legislation ; Chapter One: Setting the Scene ; Chapter Two: The Determinants of Ownnership and Control: Current Theories ; Chapter Three: The Sell Side ; Chapter Four: The Buy Side ; Chapter Five: Up to 1880 ; Chapter Six: 1880 - 1914 ; Chapter Seven: The Separation of Ownership and Control by 1914 ; Chapter Eight: 1914 - 1939 ; Chapter Nine: 1940 - 1990: The Sell Side ; Chapter Ten: 1940 - 1990: The Buy Side ; Chapter Eleven: Challenges to the UK System of Ownership and Control ; Index

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Book SynopsisConventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, consumers may have inconsistent, context-dependent preferences or simply not enough brain-power to evaluate and compare complicated products. Thus the standard model of consumer behavior-which depends on an ideal market in which consumers are boundlessly rational-is called into question. While behavioral economists have for some time confirmed and characterized these inconsistencies, the logical next step is to examine the implications they have in markets.Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops non-standard models of boundedly rational consumer behavior and embeds them into familiar models of markets. It then rigorously analyses each model in the tradition of microeconomic theory, leading to a richer, more realistic picture of consumer behavior. RTrade ReviewNobody thinks like Adam Smith when buying a toothbrush, but this is the assumption of consumer behavior offered in traditional economics textbooks. Marketing experts used to laugh at such naivety, but they will have to take economic theory more seriously from now on. Ran Spiegler's book takes on the challenge of rewriting the theory of industrial organization without the classical assumption that economic agents are all rational supermen. This is an important book that nobody working on industrial organization will wish to be without. * Ken Binmore, University College London *Spiegler's Bounded Rationality and Industrial Organization is a beautifully written book. He makes a compelling case that understanding what happens when boundedly rational consumers meet sophisticated firms is both intellectually interesting and practically important. He has a wonderful feel for using rigorous models to clarify arguments and develops insights from a number of branches of the emerging literature in a parsimonious way. It is a must read book. * Glenn Ellison, Massachusetts Institute of Technology *Table of Contents1 Introduction ; 1.1 Bibliographic Notes ; I Anticipating Future Preferences ; 2 Dynamically Inconsistent Preferences I: Unconstrained Contracting ; 2.1 The Multi-Selves Model ; 2.1.1 Naivety ; 2.2 Monopoly Pricing ; 2.2.1 Optimal Price Schemes for Sophisticated Consumers ; 2.2.2 Optimal Price Schemes for Naive Consumers ; 2.2.3 Screening the Consumer's Type ; 2.3 Competitive Pricing ; 2.4 Welfare Analysis ; 2.5 Educating Naive Consumers ; 2.6 The Interpretation of Naivety ; 2.7 Two Applications ; 2.8 Other Topics ; 2.8.1 The (?, ?) Model ; 2.8.2 Preference Heterogeneity ; 2.9 Summary ; 2.10 Bibliographic Notes ; 3 Dynamically Inconsistent Preferences II: Constrained Contracting ; 3.1 Two-Part Tariffs ; 3.1.1 Departure from Marginal-Cost Pricing ; 3.1.2 Welfare Analysis ; 3.2 Destabilization of Commitment Devices: Renegotiation and Spot Market ; Competition ; 3.3 Self-Control ; 3.3.1 Implications for Monopoly Pricing ; 3.3.2 Do Self-Control Costs Hamper Competition? ; 3.4 Summary ; 3.5 Bibliographic Notes ; 4 Dynamically Inconsistent Preferences III: Partial Naivety ; 4.1 Magnitude Naivety ; 4.1.1 Monopoly Pricing ; 4.1.2 Are More Sophisticated Consumers Always Better Off? ; 4.2 Frequency Naivety ; 4.2.1 First-Best Monopoly Pricing ; 4.2.2 Second-Best Monopoly Pricing ; 4.2.3 Does Competition Curb Exploitation? ; 4.3 Summary ; 4.4 Bibliographic Notes ; 5 Biased Beliefs without Dynamic Inconsistency ; 5.1 Monopoly Pricing with Over-Optimistic Consumers ; 5.1.1 Comparison with Related Models ; 5.2 Overconfidence: Three-Part Tariffs ; 5.3 Unforeseen Contingencies: Add-On Pricing ; 5.4 A Summary Exercise: Insurance Markets with Biased Consumers ; 5.4.1 Equilibrium Analysis when Subjective Beliefs are Observable ; 5.4.2 Equilibrium Analysis when Subjective Beliefs are Private Information ; 5.5 Summary ; 5.6 Bibliographic notes ; A Appendix to Part I: A Decision-Theoretic Perspective ; A.1 The Multi-Selves Model ; A.2 Self-Control Preferences ; A.3 The Relation between Self-Control Preferences and the Multi-Selves Model ; A.4 Other Classes of Temptation-Driven Preferences ; A.5 Bibliographic Notes ; II Responding to Market Complexity ; 6 Sampling-Based Reasoning: Price Competition and Product Differentiation ; 6.1 A Sampling-Based Choice Procedure ; 6.2 Price Competition and Technology Adoption ; 6.2.1 Nash Equilibrium ; 6.2.2 Welfare Analysis ; 6.3 Spurious Product Differentiation ; 6.3.1 Nash Equilibrium ; 6.3.2 Product Complexity as a Differentiation Device ; 6.4 Can the Market Educate Consumers? ; 6.5 Summary ; 6.6 Bibliographic Notes ; 7 Sampling-Based Reasoning: Obfuscation ; 7.1 A Model of Competitive Obfuscation ; 7.1.1 Nash Equilibrium ; 7.1.2 Welfare Analysis ; 7.2 Production Inefficiencies ; 7.3 Multi-Dimensional Prices ; 7.4 A Market Intervention: Introducing \Simple" Options ; 7.5 Summary ; 7.6 Bibliographic Notes ; 8 Coarse Reasoning ; 8.1 A Modeling Framework ; 8.2 Complex Price Patterns as a Discrimination Device ; 8.2.1 "DeBruijn" Price Sequences ; 8.2.2 Conditions for Profitability of Complex Price Patterns ; 8.3 Limited Understanding of Adverse Selection ; 8.3.1 A Buyer-Seller Example ; 8.3.2 A Benchmark: A Bayesian-Rational Buyer ; 8.3.3 A \Coarse" Buyer ; 8.3.4 Action-Dependent Feedback ; 8.4 Summary ; 8.5 Bibliographic Notes ; III Reference Dependence ; 9 Loss Aversion ; 9.1 Expected Price as a Reference Point: Monopoly Pricing ; 9.1.1 Reduced Price Variability ; 9.1.2 Impact on Expected Prices ; 9.2 Price Uniformity in a Duopoly Setting: \Kinked" Demand ; 9.3 Expected Consumption as a Reference Point: An \Attachment Effect" ; 9.3.1 Personal Equilibrium ; 9.3.2 Price Randomization ; 9.4 Discussion ; 9.4.1 Actual Prices as Reference Points ; 9.4.2 Pleasant Surprises ; 9.5 Summary ; 9.6 Bibliographic Notes ; 10 Inertia I: Price Competition ; 10.1 Price Competition under Consumer Inertia ; 10.2 Price-Frame Competition ; 10.2.1 Nash Equilibrium ; 10.2.2 Equilibrium Properties ; 10.2.3 Two Market Interventions ; 10.3 Consumer Switching ; 10.4 Asymmetric Default Assignment ; 10.5 A Few General Remarks ; 10.5.1 More than Two Frames ; 10.5.2 Revealed Preferences ; 10.6 Summary ; 10.7 Bibliographic Notes ; 11 Inertia II: Costly Marketing 261 ; 11.1 A Model of Competitive Marketing ; 11.2 Nash Equilibrium ; 11.3 The Effective Marketing Property ; 11.4 Discussion ; 11.5 Summary ; 11.6 Bibliographic Notes ; IV Discussion ; 12 Recurring Themes ; 12.1 Complex Pricing Strategies ; 12.2 Spurious Variety ; 12.3 Market Transactions as a Form of Speculative Trade ; 12.4 How Effective are Competition and Consumer Protection Policies? ; 12.5 Externalities between Rational and Boundedly Rational Consumers ; 12.6 Conclusion ; 13 But Can't we Get the Same Thing with a Standard Model? ; 13.1 Rationalization via Modified Information ; 13.2 Rationalization via Modified Preferences ; 13.3 Rationalization via Endogenization ; 13.4 Discussion ; 13.5 Epilogue ; 13.6 Bibliographic Notes ; Bibliography ; Index

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Book SynopsisMuch discussion on corporate governance assumes companies are owned and controlled separately, yet this is not the norm worldwide. This book explores the foundations of separation in UK companies, asking how the widely held company came to prominence and why and how the UK stock market came to be dominated by institutional shareholders.Trade ReviewThis fine survey is a definitive contribution to British business and legal history, but it can also be recommended to anyone trying to understand long-run developments in financial markets and corporate governance elsewhere. * Leslie Hannah, Business History Review *Its ideas are too important to be limited to universities and libraries. And, although the focus is on Britain, it has relevance for other economies, not least the US. * Morgen Witzel, Financial Times *Cheffin's book is an excellent contribution to the missing debate and literature in the United Kingdom on why the separation of ownership from control occured in the United Kingdom. It provides credible reasons with empirical data to support the findings. there are some useful charts and data by way of support. This book is highly recommended and should be on all bookshelves. * Dr Saleem Sheikh, International Company and Commercial Law Review, Issue 10, 2009 *A fascinating analytical investigation of a pervasive feature of modern British companies...for those seeking an understanding of how British companies have developed and of the underlying reasons for the governance of British companies, in their historical and economic context, there can be no better place to start than with this book. It has been meticulously and scrupulously researched and is elegantly and engagingly written...Professor Cheffin's book embodies the very best features of academic scholarship and deserves to be widely read and consulted. It comes with this reviewer's strongest endorsement. * Professor Stephen Girvin, The Journal of Business Law, Issue 7, 2009 *Business historians, economists and, I am sure, a much wider readership will turn repeatedly to this volume for a substantive account of the ownership of British business over the past two centuries * Robin Pearson, University of Hull, Business Archives: Sources and History, No 99 *The author states that the book 'offers numerous insights for those interested in comparative corporate governance, for those engaged in the study of British business and economic history and for those intrigued by the relationship between law and markets' (p.24). There is no doubt that the book succeeds in doing this and in doing it exceedingly well. * Graeme Wines, Accounting History 15.133 *The book offers various insights for advanced students and researchers interested in British business and economic history. And, although it focuses on Britain, the book is a mine of insightful information for those seeking an improved understanding of comparative corporate governance. * Dionysia Katelouzou, Phd, University of Cambridge, Cambridge Student Law Review *...[This book] display[s] an impressive commitment to a multi-disciplinary approach which embraces law, financial economics, and politics, plus frequent checks on empirical evidence, when available. * Ron Weir, University of York, Economic History Review 62.4 *Table of ContentsPreface ; 1. Setting the Scene ; 2. The Determinants of Ownnership and Control: Current Theories ; 3. The Sell Side ; 4. The Buy Side ; 5. Up to 1880 ; 6. 1880 - 1914 ; 7. The Separation of Ownership and Control by 1914 ; 8. 1914 - 1939 ; 9. 1940 - 1990: The Sell Side ; 10. 1940 - 1990: The Buy Side ; 11. Epilogue: Challenges to the UK System of Ownership and Control

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Book SynopsisTracing the development of registries in developed and developing countries, the author argues that, while no single institutional arrangement is appropriate across the board, there are general principles that may be applied to facilitate the protection of both private property and impersonal trade.Trade Review"Benito Arrunada has written an excellent and well-thought-out work that highlights the importance of legal rules - rather than speculative stylized ideas about institutions - in understanding the true value of property rights and the problems impeding real-world reform. The book will find a ready audience among economists, lawyers, political scientists, and the aid community." (Pablo T. Spiller, University of California, Berkeley)"

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Book SynopsisThis text provides an account of the abbe Jacques-Paul Migne, a 19th-century entrepreneur. Characterized by the police as one of the century's great schemers, his marketing of the massive editions of the Church Fathers placed him at the forefront of France's publishing industry.Table of ContentsAcknowledgments 1: The Abbe and the Police 2: Plagiarism and the Press 3: Advertisements for the Self 4: Piracy and Patrology 5: Migne and Money Conclusion: Le Bon Marche and the Ateliers Catholiques Notes Index of Names Subject Index

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Book SynopsisThis is an account of Jacques-Paul Migne, an entrepreneur of the 19th century. A priest in Orleans from 1824 to 1833, Migne then moved to Paris, where, in the space of a decade, he built one of the most extensive publishing ventures of all time. This text records his success.

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Book SynopsisTable of ContentsPrefatory Note Acknowledgments Introduction Murray F. Foss Marilyn E. Manser Allan H. Young I. High-Tech Products: Computers 1. Constant-Quality Price Change, Depreciation, And Retirement Of Mainframe Computers Stephen D. Oliner 2. Price Indexes For Microcomputers: An Exploratory Study Ernst R. Berndt Zvi Griliches Comment (On 1 & 2): Rosanne Cole II. High-Tech Products: Semiconductors 3. Sources Of Price Decline In Computer Processors: Selected Electronic Components Ellen R. Dulberger 4. Cost Function Estimation Of Quality Change In Semiconductors John R. Norsworthy Show-Ling Jang 5. Measurement Of Dram Prices: Technology And Market Structure Kenneth Flamm Comment ( On 3, 4, & 5): Jack E. Triplett III. Quality-Change Issues In Consumer Prices 6. Adjusting Apparel Indexes In The Cpi For Quality Differences Paul R. Liegey Jr. 7. The Effect Of Outlet Price Differentials On The U.S. Consumer Price Index Marshall Reinsdorf Comment (On 6 & 7): Joel Popkin IV. Transaction Prices 8. The Problem Of List Prices In The Producer Price Index: The Steel Mill Products Case Thomas Betsock Irwin B. Gerduk 9. Does Government Regulation Inhibit The Reporting Of Transactions Prices By Business? Murray F. Foss Comment (On 8 & 9): Robert W. Crandall V. Price Indexes For Defense And International Trade 10. The Deflation Of Military Aircraft Richard C. Ziemer Pamela A. Kelly Comment: Arthur J. Alexander VI. Implications Of Bea's Treatment Of Computer Prices For Productivity Measurement 11. Panel Discussion: Implications Of Bea's Treatment Of Computer Prices And Productivity Measurement Chair: Frank De Leeuw Statements: Edward F. Denison, Zvi Griliches, Charles R. Hulten, And Thomas K. Rymes Comments: Arthur J. Alexander, Edwin R. Dean, Reni Durand, And Michael Harper

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Book SynopsisIn recent decades the American economy has experienced the worst peace-time inflation in its history and the highest unemployment rate since the Great Depression. Thesecircumstances have prompted renewed interest in the concept of business cycles, which Joseph Schumpeter suggested are like the beat of the heart, of the essence of the organism that displays them. In The American Business Cycle, some of the most prominent macroeconomics in the United States focuses on the questions, To what extent are business cycles propelled by external shocks? How have post-1946 cycles differed from earlier cycles? And, what are the major factors that contribute to business cycles? They extend their investigation in some areas as far back as 1875 to afford a deeper understanding of both economic history and the most recent economic fluctuations. Seven papers address specific aspects of economic activity: consumption, investment, inventory change, fiscal policy, monetary behavior, open economy, and the

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Book SynopsisWhen we donate our unwanted clothes to charity, we rarely think about what will happen to them: who will sort and sell them, and finally, who will revive and wear them. This volume looks at the multibillion dollar secondhand clothing business, as well as its impact on the African economy.

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Book SynopsisWhen we donate our unwanted clothes to charity, we rarely think about what will happen to them: who will sort and sell them, and finally, who will revive and wear them. This volume looks at the multibillion dollar secondhand clothing business, as well as its impact on the African economy.

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Book SynopsisIn the aftermath of the financial crisis, the federal government has pursued regulatory reforms, including proposals to monitor systemic risk. This book addresses the challenges of measuring risk, and looks at the means of measuring systemic risk and explores alternative approaches.

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Book SynopsisThis text focuses on the microeconomic determinants and effects of foreign direct investment (FDI) in the East Asian region, allowing researchers to explore the overall structure of FDI, to offer case studies of individual countries, and consider insights within the context of economic theory.

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Book SynopsisCase studies examining how firms co-ordinate economic activity in the face of asymmetric information are the focus of this volume. It studies the development of the flow of information and co-ordination of economic activity within and between firms.Table of ContentsIntroduction: History and Theory in Search of One Another Naomi R. Lamoreaux, Daniel M. G. Raff. 1: The Puzzling Profusion of Compensation Systems in the Interwar Automobile Industry Daniel M. G. Raff Comment Walter Licht 2: Industrial Engineering and the Industrial Enterprise, 1890-1940 Daniel Nelson Comment Michael J. Piore 3: The Coordination of Business Organization and Technological Innovation within the Firm: A Case Study of the Thomson-Houston Electric Company in the 1880s W. Bernard Carlson Comment John Sutton 4: Organization and Coordination in Geographically Concentrated Industries Michael J. Enright Comment Kenneth L. Sokoloff 5: The Boundaries of the U.S. Firm in R&D David C. Mowery Comment Joel Mokyr 6: Legal Restraints on Economic Coordination: Antitrust in Great Britain and America, 1880-1920 Tony Freyer Comment Victor P. Goldberg 7: The Evolution of Interregional Mortgage Lending Channels, 1870-1940: The Life Insurance-Mortgage Company Connection Kenneth A. Snowden Comment Timothy W. Guinnane 8: The Costs of Rejecting Universal Banking: American Finance in the German Mirror, 1870-1914 Charles W. Calomiris Comment Peter Temin Contributors Name Index Subject Index

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Book SynopsisPredatory pricing has long been a contentious issue among lawmakers and economists. Legal actions are continually brought against companies. But the question remains: how likely are firms to cut prices in order to drive rivals out of business? This text makes an analysis of this topic.Table of ContentsPreface 1. The Debate on Predation 2. Reputational Models of Predation: Testing the Assumptions 3. Nonprofit Objectives and Credible Commitments: What Does This Imply for Government Enterprises? 4. Are Government or Private Enterprises More Likely to Engage in Predatory Behavior? Some International Evidence 5. What Happens When the Victims Have Better Information Than the Predators? 6. Some Final Thoughts Appendixes A. Explaining the Framework Used to Evaluate the Legitimacy of Anti-dumping Cases B. Data Appendix C. Analyzing How the Profitability of Entry Deterrence Is Affected by the Possibility of Trading Profits Notes References Index

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Book SynopsisToday, more American women than ever before stay in the workforce into their sixties and seventies. This trend emerged in the 1980s, and has persisted during the past three decades, despite substantial changes in macroeconomic conditions. Why is this so? Today's older American women work full-time jobs at greater rates than women in other developed countries. In Women Working Longer, editors Claudia Goldin and Lawrence F. Katz assemble new research that presents fresh insights on the phenomenon of working longer. Their findings suggest that education and work experience earlier in life are connected to women's later-in-life work. Other contributors to the volume investigate additional factors that may play a role in late-life labor supply, such as marital disruption, household finances, and access to retirement benefits. A pioneering study of recent trends in older women's labor force participation, this collection offers insights valuable to a wide array of social scientists, employers, and policy makers.

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Book SynopsisA comparative study which focuses on the housing markets of the United States and Japan. Topics discussed include: the evolution of housing prices; housing markets and personal savings; housing finance; commuting; and the impact of public policy on housing markets.Table of ContentsIntroduction Yukio Noguchi and James Poterba 1 Land Prices and House Prices in Japan Yukio Noguchi 2 Land Prices and House Prices in the United States Karl E. Case 3 Housing Finance in Japan Miki Seko 4 Housing Finance in the United States Patric H. Hendershott 5 Housing and the Journey to Work in the Tokyo Metropolitan Area Tatsuo Hatta and Toru Ohkawara 6 Housing and the Journey to Work in U.S. Cities Michelle J. White 7 Housing and Saving in Japan Toshiaki Tachibanaki 8 Housing and Saving in the United States Jonathan Skinner 9 Public Policy and Housing in Japan Takatoshi Ito 10 Public Policy and Housing in the United States James M. Poterba

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Book SynopsisThe National Industrial Recovery Act (NIRA) was enacted by Congress in June of 1933 to assist the nation's recovery during the Great Depression. Its passage ushered in a unique experiment in US economic history: under the NIRA, the federal government explicitly supported, and in some cases enforced, alliances within industries. Antitrust laws were suspended, and companies were required to agree upon industry-level codes of fair competition that regulated wages and hours and could implement anti-competitive provisions such as those fixing prices, establishing production quotas, and imposing restrictions on new productive capacity. The NIRA is generally viewed as a monolithic program, its dramatic and sweeping effects best measurable through a macroeconomic lens. In this pioneering book, however, Jason E. Taylor examines the act instead using microeconomic tools, probing the uneven implementation of the act's codes and the radical heterogeneity of its impact across industries and time

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Book SynopsisThis volume explores the intersection of the scientific, clinical, and economic factors affecting the development of PPM, including its effects on the drug pipeline, on reimbursement of PPM diagnostics and treatments, and on funding of the requisite underlying research; and it examines recent empirical applications of PPM.

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Book SynopsisHow do artists, collectors, dealers and curators whose lives and livelihoods are so intimately affected by the valuation of art manage to cope with such an intangible market? To answer this question, this book focuses on the localized and typical world of the St Louis art scene.

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Book SynopsisIn this volume, economists examine forecasting techniques developed over the past ten years, compare their performance to traditional econometric models, and discuss new methods for forecasting and time - series analysis.Table of ContentsAcknowledgments Introduction James H. Stock And Mark W. Watson 1. Twenty-Two Years Of The NBER-ASA Quarterly Economic Outlook Surveys: Aspects And Comparisons Of Forecasting Performance Victor Zarnowitz And Phillip Braun Comment: Allen Sinai 2. A Procedure For Predicting Recessions With Leading Indicators: Econometric Issues And Recent Experience James H. Stock And Mark W. Watson Comment: Kenneth F. Wallis 3. Estimating Event Probabilities From Macroeconometric Models Using Stochastic Simulation Ray C. Fair Comment: James D. Hamilton 4. A Nine Variable Probabilistic Macroeconomic Forecasting Model Christopher A. Sims Comment: Pierre Perron 5. Why Does The Paper-Bill Spread Predict Real Economic Activity? Benjamin M. Friedman And Kenneth N. Kuttner Comment: Ben S. Bernanke 6. Further Evidence On Business Cycle Duration Dependence Francis X. Diebold, Glenn D. Rudebusch, And Daniel E. Sichel Comment: Bruce E. Hansen 7. Dynamic Index Models For Large Cross Sections Danny Quah And Thomas J. Sargent Comment: John Geweke 8. Modelling Non-Linearity Over The Business Cycle Clive W.J. Granger, Timo Terdsvirta, And Heather Anderson Comment: Andrew Harvey Contributors Author Index Subject Index

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Book SynopsisA revealing collection from the intellectual titan whose work shaped the modern world. As an economist and public intellectual, Gary S. Becker was a giant. The recipient of a Nobel Prize, a John Bates Clark Medal, and a Presidential Medal of Freedom, Becker is widely regarded as the greatest microeconomist in history. After forty years at the University of Chicago, Becker left a slew of unpublished writings that used an economic approach to human behavior, analyzing such topics as preference formation, rational indoctrination, income inequality, drugs and addiction, and the economics of family. These papers unveil the process and personalitydirect, critical, curiousthat made him a beloved figure in his field and beyond. The Economic Approach examines these extant works as a capstone to the Becker oeuvrenot because the works are perfect, but because they offer an illuminating, instructive glimpse into the machinations of an economist who wasn't motivated by publications. Here, and throughout his works, an inquisitive spirit remains remarkable and forever resonant.Trade Review"Gary Becker is one of the greatest economists of all time. The Economic Approach is perhaps the best place to start dipping into his work." -- Tyler Cowen | George Mason University"What a tremendous book! Becker was a giant, with an extraordinary combination of intense focus and curiosity, and you can see his genius here. Be prepared to be surprised and illuminated—and to have some fun in the process.” -- Cass R. Sunstein | author of "Too Much Information"Table of ContentsForeword by Edward Glaeser 1. Just the Beginning Acceptance Speech at Bradley Award Ceremony, June 4, 2008 The Spirit of the University of Chicago, September 14, 2010 2. Accounting for Tastes Preference Formation within Families, June 1992 Rational Indoctrination and Persuasion, March 2001 Some Notes on Drugs, Addiction, Families, and Public Policy, May 2000 Promotion Tournaments, Power, Earnings, and Gambling, July 1991 3. Household Production and Human Capital Should the Military Pay for Training of Skilled Personnel? August 15, 1957 Further Reflections on the Allocation of Time, February 2014 The Insurance of Market and Nonmarket Human Capital, November 1980 On Whether Intergenerational Mobility Has Declined in US While Inequality Has Increased, March 2012 Derivation of Relation Between Schooling of Parents and Children and Inequality, April 2012 4. Income Inequality and the Public Sector A Positive Theory of the Redistribution of Income, April 1978 A Note on Optimal First Best Taxation and the Optimal Distribution of Utilities, 1982 5. Family Economics Economics and the Family, September 21, 1999 Chronological Academic Life of Gary S. Becker Selected Writings about Gary S. Becker Bibliography of Gary S. Becker Dissertations Chaired by Gary S. Becker at Columbia University and the University of Chicago Acknowledgments Notes Index

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Book SynopsisA collection of papers addressing issues that affect the well-being of individuals as they age and a society that is composed increasingly of older people. Questions fundamental to public policy are considered, as well as theories that lay new groundwork for future research.

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Book SynopsisCapitalism XXL calls for changing the rules of capitalism in order to tame giant corporations and restore the individual to the world economy. Noels proposes an approach that considers human dimensions and describes a sustainable future economy that will not burden subsequent generations with debt, social inequality, and environmental damage.Trade Review“In an era when tech giants shake the earth like dinosaurs, how should we respond? Amazon merely mentions interest in a sector, and all of the companies there lose 20 percent of their value. Facebook monetizes its users’ data like it’s a division of the National Security Agency. Geert Noels explains the cure for corporate gigantism.” Barry Ritholtz, author of Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy“The ‘winner takes all’ effect is a hot topic today. However, where most economists are focusing on the impact on margins and profits or productivity, Geert Noels takes a wider look at the impact of large systems on mental well-being, communities, and our climate problems.” Pattie Maes, founder of MIT Media Lab’s Fluid Interfaces Group“In an age when bigger is assumed to be better, Geert Noels warns of the perils of size – and makes a convincing case for the benefits of going small. Not only is small beautiful; it is also more economically viable in the long run. Do yourself a big favour and read Capitalism XXL.” Eric Weiner, author of The Geography of Genius: Lessons from the World’s Most Creative Places

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Book SynopsisSpecially selected from The New Palgrave Dictionary of Economics 2nd edition, each article within this compendium covers the fundamental themes within the discipline and is written by a leading practitioner in the field. A handy reference tool.Trade ReviewPraise for the 8-volume edition: Winner of the 2008 PROSE Award: Best Mutlivolume Reference Work in the Humanitiesand Social Sciences (from the Professional and Scholarly Division of the Association of American Publishers) CHOICE Outstanding Academic Title 2008 "Much has changed in the latest incarnation of this dictionary. ...More than 1,500 economists contributed almost 1,900 signed entries; more than 1,000 of the entries are new or 'heavily revised' and expanded. Along with the descriptions of economic method from earlier editions, this edition includes much information on 'what those methods have found.' It also offers new emphasis on advances that have occurred in microeconomics, Bayesian theory, game theory, and behavioral, international, and experimental economics. ...A regularly updated online version of the dictionary is available www.dictionaryofeconomics.com, with site license pricing based on institution type and FTE. Summing Up: Highly recommended." - CHOICETable of ContentsContents General Preface Introduction List of Contributors List of Entries Entries A-Z Index

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Book SynopsisThe book provides a comprehensive A-to-Z guide for computable general equilibrium (CGE) models, which can analyze various economic issues empirically. CGE Models been widely used for investigating the impacts of economic integration, eco-taxes on environmental problems, regulatory reforms, taxation reforms and transportation system planning.Table of ContentsOverview The Simple CGE Model Computation Social Accounting Matrix Calibration and Computational Strategy for General Equilibrium Standard CGE Model Macro Closure Simulating General Equilibria Interpretation of Simulation Results Model Extension Concluding Remarks

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Book SynopsisThis collection of essays reflects on how modern economics has been shaped by Joseph Stiglitz. High-profile authors spanning microeconomics, macroeconomics, inequality, development, law and economics, and public policy take up the central debates and discoveries of the field and provide insights on the future directions of academic economics.Trade ReviewJoe Stiglitz has touched almost every part of economic theory and economic practice, and every part he has touched is livelier for his influence. The great variety and high quality of the essays in this book are a fitting response to his fertility and energy. -- Robert Solow, Massachusetts Institute of TechnologyJoseph Stiglitz is a national treasure—a distinguished scholar with a Nobel Prize in Economics, a policy maker who played a key role in U.S. economic policy, and a teacher who has profoundly shaped the scholarship and values of his students. The essays in this volume attest to Joe’s enduring success in shaping economic research and dialogue and linking this research to ethical and real world issues. -- Joan E. Spero, Columbia UniversityThis volume is filled with essays by a collection of brilliant scholars who share one thing in common: They were all mentored by Joseph E. Stiglitz. Stiglitz taught more than economics; he taught courage and creativity. These authors are the evidence of his success. -- Robert Johnson, president, Institute for New Economic ThinkingEconomics is often derided as ‘the dismal science’ or technical abstraction. But Joe Stiglitz’s lifetime work has shone a light on distributive justice through economic reasoning. In this extraordinary volume, thirty leading economists examine inequality, networks, and public policy. Toward a Just Society is essential reading for economists and policy professionals. -- Glenn Hubbard, dean and Russell L. Carson Professor of Finance and Economics, Columbia Business School, and former chairman of the U.S. Council of Economic AdvisersJoseph Stiglitz is one of the greatest economists of our day, and in his breadth and depth of influence in economics he has few rivals. This volume offers useful reviews and critiques of the many subfields Stiglitz has contributed to. Faculty, students, policy makers, and journalists will all appreciate this volume. -- Steven Cassou, Kansas State UniversityJoseph Stiglitz's fundamental belief that more equality and more dignity are possible for all shines through in Toward a Just Society. This conversation among generations of Stiglitz’s students and coauthors perfectly celebrates his career as scholar, teacher, and public servant. With groundbreaking work on everything from rents and inequality to the cost of war, this is a fitting testament to the life of the mind and a life well-lived. -- Felicia Wong, president and CEO, Roosevelt InstituteHighly recommended. * Choice *Table of ContentsPreface, by Joseph E. StiglitzIntroduction, by Martin GuzmanPart I. Inequality1. A Firm-Level Perspective on the Role of Rents in the Rise in Inequality, by Jason Furman and Peter Orszag2. Parents, Children, and Luck: Equality of Opportunity and Equality of Outcome, by Ravi Kanbur3. The Middle Muddle: Conceptualizing and Measuring the Global Middle Class, by Arjun Jayadev, Rahul Lahoti, and Sanjay ReddyPart II. Microeconomics4. Companies Are Seldom as Good or as Bad as They Seem at the Time, by Gary Smith5. What’s So Special About Two-Sided Markets?, by Benjamin E. Hermalin and Michael L. Katz6. Missing Money and Missing Markets in the Electricity Industry, by David NewberyPart III. Macroeconomics7. Thoughts on DSGE Macroeconomics: Matching the Moment, But Missing the Point?, by Anton Korinek8. The “Schumpeterian” and the “Keynesian” Stiglitz: Learning, Coordination Hurdles, and Growth Trajectories, by Giovanni Dosi and Maria Enrica Virgillito9. Deleterious Effects of Sustained Deficit Spending, by Edmund Phelps10. The Rediscovery of Financial Market Imperfections, by John C. Williams11. Ambiguity and International Risk Sharing, by Brian Hill and Tomasz MichalskiPart IV. Networks12. Use and Abuse of Network Effects, by Hal Varian13. Financial Contagion Revisited, by Franklin Allen and Douglas Gale14. The Economics of Information and Financial Networks, by Stefano BattistonPart V. Development15. Joseph Stiglitz and China’s Transition Success, by Justin Yifu Lin16. The Sources of Chinese Economic Growth Since 1978, by Lawrence J. Lau17. Knowledge as a Global Common and the Crisis of the Learning Economy, by Ugo PaganoPart VI. Law and Economics18. Conservatism and Switcher’s Curse, by Aaron Edlin19. The “Inner Logic” of Institutional Evolution: Toward a Theory of the Relationship Between Formal and “Informal” Law, by Antara HaldarPart VII. Public Policies20. Joe Stiglitz and Representative and Equitable Global Governance, by José Antonio Ocampo21. The Fiscal Opacity Cycle: How America Hid the Costs of the Wars in Iraq and Afghanistan, by Linda J. Bilmes22. It Works in Practice, But Would It Work in Theory? Joseph Stiglitz’s Contribution to Our Understanding of Income Contingent Loans, by Bruce Chapman23. The Public Economics of Long-Term Care, by Pierre Pestieau and Gregory Ponthiere24. Jomo E. Stiglitz: Kenya’s First Nobel Laureate in Economics, by Célestin MongaList of ContributorsIndex

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Book SynopsisA broad overview of market mechanisms, with an emphasis on the interplay between theory and real-life applications; examples range from eBay auctions to school choice.This book offers an introduction to market design, providing students with a broad overview of issues related to the design and analysis of market mechanisms. It defines a market as a demand and a supply, without specifying a price system or mechanism. This allows the text to analyze a broad set of situations—including such unconventional markets as college admissions and organ donation—and forces readers to pay attention to details that might otherwise be overlooked. Students often complain that microeconomics is too abstract and disconnected from reality; the study of market design shows how theory can help solve existing, real-life problems. The book focuses on the interplay between theory and applications. To keep the text as accessible as possible, special effort has been made to minimize formal

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Book SynopsisThe 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

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Book SynopsisA concise and nontechnical introduction to microeconomics, emphasizing concepts over mathematics, with real-world examples and applications.This concise and nontechnical introduction to microeconomics emphasizes concepts over mathematics. Keeping in mind that sometimes the most accurate model is not very useful in the real world, Microeconomic Essentials balances economics as mathematics with economics as a social process. Microeconomics is part of daily life; gas prices, wage increases, the rising cost of health care, international trade: all are microeconomic topics. Therefore, like its predecessor, Macroeconomic Essentials, this textbook accompanies its explanations with examples and real-world applications.The book covers the basic market model of supply and demand, showing how this “powerhouse” model can explain most price changes in the market. It discusses government intervention in the market; consumer theory and utility maximization,

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