Microeconomics Books

Book SynopsisProduction economics is that branch of microeconomics that examines producer decisions. This book focuses on the empirical estimation of these relationships using primal, dual, and differential specifications. The primal specification models production decisions based on the production function — estimation of the input/output relationship and the derivation of optimization behavior from this technical relationship. The dual approach estimates production decisions using economic information such as input and output prices. The textbook then develops the linkages between these relationships. The differential specification is an alternative approach derived from changes in the first-order conditions from cost minimizing behavior. In each case, the theoretical development is followed by different empirical specifications that can be used to estimate the producer's choice.

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Book SynopsisTrade Review"Thought-provoking"---Martin Wolf, Financial Times"A compelling new book."---Daniel Finkelstein, Times"Thought-provoking"---Barry Eichengreen, Foreign Affairs"A fascinating new book. . . . Haskel and Westlake provide a combination of commonsense and ingenious solutions. . . . An important book that deserves to be widely debated."---Adrian Wooldridge, Bloomberg Opinion"The insights of Haskel and Westlake on how institutions currently inhibit an economy dominated by intangibles are valuable."---Nick Peterson, Financial Times"An excellent book."---Diane Coyle, Enlightened Economist

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Book SynopsisTrade Review"Graham uses empirical evidence to demonstrate why hope is a good metric for measuring economic and social well-being. . . . Drawing on research in the disciplines of economics, sociology, and psychology, Graham addresses the critical problem of despair and proposes ideas on how to restore hope in America. . . . Of great interest to scholars and general readers alike." * Library Journal *"Carol Graham’s ‘The Power of Hope’. . . is as enjoyable a serious read as I can remember."---Parviz Dabir-Alai, International Journal of Happiness and Development

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Book SynopsisAn account of the golden trade of the Moors, and a source book on Saharan trade routes, caravan organization and Sudanese history. The author covers anthropology and economic geography as well as history, as he examines and explores the hot little towns, sharp traders and the brutal rulers. He seeks to encourage and inspire a generation of scholars to discover more about parts of Africa still surprisingly little known to the outside world.

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Book SynopsisTransport Economics is a revised and refined fourth edition of a well-established textbook which applies economic analysis to transport issues.Each chapter has been carefully reworked and includes new material dealing with the regulation of transport markets. To assist in pedagogy, twenty or so free standing ‘Exhibits’ now provide a variety of case studies and narratives to supplement the text. More up-to-date examples and illustrations also make the understanding of economic principles easier and assist in the assimilation of economic concepts. The theoretical content is supported with considerable empirical evidence drawn from a wide range of international sources. Although aimed primarily at university students, this volume is accessible to non-specialists who have an interest in transport economics. It has no modal bias but rather examines in general terms the many aspects of the demand for, and supply of, transport together with the various methods of government intervention needed to ensure that social and environmental criteria are attained.This successful and widely adopted textbook has been meticulously revised and updated for the fourth edition. As the best intermediate text currently available, it will be welcomed by students, policymakers and all those concerned with the supply of transport services.Trade ReviewAcclaim for the third edition:‘Button draws together the burgeoning literature in transportation economics. It is a comprehensive standalone text covering all aspects of the field including new sections on logistics and congestion pricing. It should be required reading for every student of transportation and on the library shelf of all transportation researchers and practitioners, an excellent book.’ -- David Gillen, University of British Columbia, CanadaTable of ContentsContents: Preface 1. Transport, Economics, and Economists 2. Transport and the Economy: Some Numbers 3. Transport and Location 4. The Demand for Transport 5. Direct Costs of Transport 6. The External Economic Costs of Transport 7. The Pricing of Transport 8. Containing the Environmental Costs of Transport 9. Optimizing Traffic Congestion 10. Economics and Transport Logistics 11. Investment Criteria: Private and Public Sector Analysis 12. Transport Planning and Forecasting 13. Transport and Economic Development 14. Political Economy and Transport Regulation Index

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Book SynopsisPrice Theory and its Applications is an authoritative collection of influential papers which illustrate with unusual force the uses and techniques of applied price theory. The collection includes articles by Nobel laureates as well as less well-known economists and covers North America, Europe, Australia, Africa and Asia. The articles selected display a variety of techniques from verbal exposition through geometric methods to sophisticated mathematical techniques such as optimal control theory and game theory. The first section of the book provides an insight into the diversity of market institutions. Some classic questions in market dynamics are addressed in section two, which is followed by a section on the rationale and consequences of government interventions. Various aspects of monopoly power are explored in the next three sections which cover cartels and monopolies, so-called 'natural monopoly' situations and monopolistically competitive markets. In conclusion a more light-hearted example is offered.Table of ContentsContents: Introduction (F.M. Scherer and B. Saffran) Part I: Markets, Primitive and Sophisticated Part II: Market Dynamics Part III: Intervening in Competitive Markets Part IV: The Economics of Cartels and Monopoly Part V: Increasing Returns and Natural Monopoly Part VI: Monopolistic Competition Name Index

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Book SynopsisIn How Markets Fail, veteran New Yorker staff writer John Cassidy offers a provocative take on the misguided economic thinking that produced the 2008 financial crisisnow with a new preface addressing how its lessons remain unheeded in the present.A Pulitzer Prize FinalistAn Economist Book of the Year A Businessweek Best Book of the YearFor fifty years, economists have been developing elegant theories or how markets facilitate innovation, create wealth, and allocate society''s resources efficiently. But what about when they fail, when they lead us to stock market bubbles, glaring inequality, polluted rivers, and credit crunches? In this updated and expanded edition of How Markets Fail, John Cassidy describes the rising influence of utopian economiesthe thinking that is blind to how real people act and that denies the many ways an unregulated free market can bring on disaster. Combining on-the-ground repo

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Book SynopsisHonoring the life and work of Herbert Simon, this illuminating Companion provides an in-depth survey of one of the most prolific social scientists of our age. Mirroring the breadth of Simonâs studies, chapters analyze his contributions to artificial intelligence, economics, entrepreneurship, management, psychology and other fields.

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Book SynopsisDetailed answer keys to all 140 self-assessment exercises and solutions to the 173 odd-numbered end-of-chapter exercises in Intermediate Microeconomic Theory.This book accompanies Ana Espinola-Arredondo and Felix Muñoz-Garcia's Intermediate Microeconomic Theory: Tools and Step-by-Step Examples, offering detailed answer keys to all 140 self-assessment exercises and solutions to the 173 odd-numbered end-of-chapter exercises. It provides readable step-by-step explanations and algebra support, enabling students to approach similar exercises on their own, emphasizing the economic intuition behind mathematical results.

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Book SynopsisWritten in an informal and easy-going style suitable for a wide range of readers, this textbook uses real-world examples to teach the institutional details of healthcare and health insurance and explain the economics that underpin the behaviour of key players in these markets. A complete one-stop-shop for learning about the economics of healthcare.Trade Review'This is the book health economics instructors and students have been waiting for! The real-world examples immediately draw in readers and provide a foundation for looking at important issues in health care from an economic perspective. Dr. Friedson's approach to examining complex topics is both intuitive and hilarious.' Elizabeth Munnich, University of Louisville'A captivating tour of the economic foundations of modern healthcare. With practical examples and delightful humor, this book effortlessly breaks down complex concepts, making health economics accessible to diverse readers. A must-have resource for students seeking a comprehensive grasp of healthcare markets and the challenges they entail.' Sarah Miller, University of Michigan'This is a book on the economics of healthcare that is well organized, comprehensive in its coverage, and actually fun to read! It is well suited for a diverse audience, including undergraduate and graduate students from different degree programs, practitioners, and policy makers.' James H. Marton, Georgia State University'The hallmark of this book is its dedication to practicality. Demanding no prerequisite economics background, Friedson's 'Health Economics' is ideal for students and professionals in public health and healthcare management. Rich with insights into the economics of the healthcare industry, it occupies a unique space in the health economics literature.' Natallia Grey, Iowa State UniversityTable of ContentsPreface; Acknowledgments; Part I. Patients: 1. How Economists View Human Behavior; 2. Where Does Health Come From?; 3. Demand for Medical Care; 4. Health Insurance and Demand for Medical Care; 5. Evaluating Evidence; Part II. Providers: 6. Provider Firms; 7. The Medical Labor Force; 8. Providers and Incentives; 9. Hospitals; Part III. Health Insurers: 10. Health Insurance as a Product; 11. Adverse Selection; 12. Prices; 13. Managed Care; 14. Public Insurance; Part IV. The Sector at Large; 15. Pharmaceuticals; 16. Externalities; 17. Medical Malpractice; 18. Inequality; 19. International Comparisons.

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Book SynopsisBuchanan Sharp examines governmental and crowd responses to famine, from the late Middle Ages through to the early modern era. This wide-ranging book will be of interest to academic researchers and graduate students studying the social, economic, cultural and political make-up of medieval and early modern England.Table of ContentsIntroduction; 1. Early market regulation to 1327; 2. The response of Edward II and his government to the Great Famine; 3. The food riots of 1347; 4. Royal paternalism and the response to dearth, 1349–1376; 5. Scarcity and food riots, 1377–1439; 6. Harvest failure and scarcity in the reign of Henry VIII; 7. The official language of the Commonwealth and the popular response to scarcity in the reign of Henry VIII; 8. The moral economy, 1547–1631 and beyond; Bibliography; Index.

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Book SynopsisFollowing the successful PCS Auction conducted by the US Federal Communications Commission in 1994, auctions have replaced traditional ways of allocating valuable radio spectrum, a key resource for any mobile telecommunications operator. Spectrum auctions have raised billions of dollars worldwide and have become a role model for market-based approaches in the public and private sectors. The design of spectrum auctions is a central application of game theory and auction theory due to its importance in industry and the theoretical challenges it presents. Several auction formats have been developed with different properties addressing fundamental questions about efficiently selling multiple objects to a group of buyers. This comprehensive handbook features classic papers and new contributions by international experts on all aspects of spectrum auction design, including pros and cons of different auctions and lessons learned from theory, experiments, and the field, providing a valuable resTrade Review'This superb Handbook is a milestone in the progress of market design. It's a comprehensive analysis of designs, implementation, experimental testing, and bidding experience in auctions and similar markets for spectrum licenses. The authors achieved remarkable success in many auctions after the initial FCC auction began worldwide efforts to allocate licenses more efficiently via market mechanisms. The distinguished contributors report their solutions to difficult problems, the resulting performance, and remaining challenges.' Robert Wilson, Adams Distinguished Professor of Management, Stanford University'The papers in this volume highlight both the theoretical and the practical issues that arise in spectrum auctions. The book includes contributions from many of the world's leading economists, game theorists, optimizers, and computer scientists. Anyone interested in the practical application of market design and resource allocation will find this text an important reference.' Karla Hoffman, George Mason University, Virginia'Bichler and Goeree, both important contributors to the field, have curated an exceptional Handbook, which will be an invaluable resource for researchers and practitioners working on the design of auctions and secondary exchanges for spectrum and other applications with complex interdependencies.' Peter Bossaerts, Redmond Barry Distinguished Professor, University of Melbourne'Spectrum auctions are a remarkable example of 'technology transfer' from research to practice, with beautiful theoretical ideas informing current auction designs that regularly generate tens of billions of dollars in revenue. Bichler and Goeree have masterfully assembled the 'greatest hits' of this literature, ranging from the early papers that laid the foundations to the latest developments on the 2016 FCC Incentive Auction.' Tim Roughgarden, Stanford University'This Handbook is the answer to my search for a truly wholistic view on auction designs and will be an extremely valuable resource for consultations with regulatory authorities as well as bid strategy preparations.' Matthias Leonhard, DT Spectrum Projects, Deutsche TelekomTable of ContentsPreface; Part I. The Simultaneous Ascending Auction: 1. Putting auction theory to work: the simultaneous ascending auction; 2. An equilibrium analysis of the simultaneous ascending auction; 3. The efficiency of the FCC spectrum auctions; 4. Measuring the efficiency of an FCC spectrum auction; Part II. The Combinatorial Clock Auction Formats: 5. Combinatorial auction design; 6. The clock-proxy auction: a practical combinatorial auction design; 7. Spectrum auction design; 8. A practical guide to the combinatorial clock auction; 9. Market design and the evolution of the combinatorial clock auction; 10. Quadratic core-selecting payment rules for combinatorial auctions; 11. Core-selecting package auctions; 12. A new payment rule for core-selecting package auctions; 13. On the impossibility of core-selecting auctions; 14. Ascending combinatorial auctions with risk averse bidders; 15. Properties of the combinatorial clock auction; 16. Budget constraints combinatorial clock auctions; 17. (Un)expected bidder behavior in spectrum auctions: about inconsistent bidding and its impact on efficiency in the combinatorial clock auction; Part III. Alternative Auction Designs: 18. A combinatorial auction mechanism for airport time slot allocation; 19. A new and improved design for multiobject iterative auctions; 20. Hierarchical package bidding: a paper and pencil combinatorial auction; 21. Assignment messages and exchanges; 22. The product-mix auction: a new auction design for differentiated goods; 23. The continuous combinatorial auction architecture; 24. Coalition-based pricing in ascending combinatorial auctions; Part IV. Experimental Comparisons of Auction Designs: 25. Experiments testing multiobject allocation mechanisms; 26. Laboratory experimental testbeds: application to the PCS auction; 27. An experimental test of flexible combinatorial spectrum auction formats; 28. On the impact of package selection in combinatorial auctions: an experimental study in the context of spectrum auction design; 29. Do core-selecting combinatorial clock auctions always lead to high efficiency? An experimental analysis of spectrum auction designs; 30. Spectrum auction design: simple auctions for complex sales; Part V. The Bidders' Perspective: 31. Winning play in spectrum auctions; 32. Up in the air: GTE's experience in the MTA auction for personal communication services licenses; 33. Bidding complexities in the combinatorial clock auction; 34. Strategic bidding in combinatorial clock auctions – a bidder perspective; 35. Impact of budget-contraints on the efficiency of multi-lot spectrum auctions; Part VI. Secondary Markets and Exchanges: 36. Spectrum markets: motivation, challenges, and implications; 37. Designing the US incentive auction; 38. Solving the station repacking problem; 39. ICE: an expressive iterative combinatorial exchange; 40. ACE: a combinatorial market mechanism; Outlook.

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Book SynopsisHow can arts managers, artists, and art market observers approach the study of economics? Accompanied by hand-drawn illustrations, wide-ranging case studies, and expansive discussion resources, this interdisciplinary microeconomics primer engages with complex and, at turns, political questions of value and resourcefulness with the artist or manager as the decision-maker and the gallery, museum or studio as ''the firm''. Whitaker arms the reader with analytic and creative tools that can be used in service to economic sustainability for artists and organizations. By exploring the complexities of economics in application to art, design and creative industries, this book offers ways to approach the larger world as an art project.Trade Review'In spite of the romantic ideal that creative expression should exist independently of calculation and exchange, art and artists are intimately entangled in markets. In this lucid and wide-ranging book, Amy Whitaker combines incisive economic analysis with great insight to and sympathy with the world inhabited by artists. This is an essential guide for anyone seeking to understand a unique sphere of economic and cultural life.' William Davies, University of London, author of Nervous States and The Limits of Neoliberalism'These ten chapters are a great introduction to microeconomics and to the modern art market. There are case histories from various aspects of the art world, such as a fascinating section on the founding history of the Tate in London, a discussion of artists' rights, and an overview of auction theory. Highly recommended.' Don Thompson, author of The $12 Million Stuffed Shark and The Orange Balloon Dog'Whitaker hits an elusive target: an engaging instructional text on the basics of economics for visual artists. While conventional wisdom tells us that artists are 'bad with money,' it doesn't have to be so! Whitaker's book is engagingly written, and each topic clearly explained, so both experts and new learners will come away with valuable new knowledge. This book is, in equal parts, a handbook for artists who want to have greater control over their work and finances, a teaching resource for arts advocates and instructors, and a treatise on how economic theorizing and research benefit from an artist's perspective.' Jennifer Lena, Associate Professor of Arts Administration and Sociology, Columbia University, author of Entitled and Measuring Culture'Amy Whitaker invites us to think from art to economics and from economics to art. Patiently, lucidly, and entertainingly, she explains the principles of economics and their application to the art world. Humanely, insightfully, and profoundly, she illuminates the forms of value that art creates and asks how economics can recognize them.' Bill Deresiewicz, Author, The Death of the Artist & Excellent Sheep'To understand the workings of the art market, it is necessary to know some economics. This book takes on the challenge of teaching economics by explaining the basic concepts of microeconomics in an unusual context – the peculiarities of supply and demand for visual art. The book, copiously illustrated with the work of artists, will appeal to students of arts management, cultural professionals, artists, and anyone keen to know more about how the art world works.' David Throsby, Distinguished Professor of Economics, Macquarie University, author of The Economics of Cultural Policy'This book is a wonderful account of how economics interacts with the art market. Amy Whitaker has succeeded in providing an interesting and useful text for anyone who is interested in either economics or the art market. She does a service to economics, by thoroughly reviewing a cultural application of economic analysis. Likewise, art students will have a greater understanding of the market mechanism. Bravo!' Kathryn Graddy, Dean and Fred and Rita Richman Distinguished Professor in Economics, Brandeis International Business School, co-author of Essentials of Economics'Amy Whitaker is that rare person who understands both art and business, and how they interact. With this book she takes a deep dive into all aspects of the economics of art, from pricing to how art is legitimated, so enabling readers to better understand the structure of the market as well as more intangible notions, such as that of 'taste'.' Georgina Adam, Financial TimesTable of ContentsPreface; Introduction; 1. Markets; 2. Cost; 3. Price; 4. Structure; 5. Failure; 6. Power; 7. Labor; 8. Property; 9. Investment; 10. Systems.

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Book SynopsisConstitutional political economy has emerged as an indispensable part of political economy. This book offers a concise survey of the questions, methods, and empirical findings central to this topic. What effects if any do constitutions have within autocracies? Can small electoral districts help reduce corruption? Does a country''s leadership affect the size of its government? Can direct democratic institutions increase politicians'' accountability to citizens? Stefan Voigt, a pioneer in the field, explores these questions and more throughout the course of this cutting-edge primer. As the number of courses in constitutional economics continues to grow, this book fills an important gap in the literature. This highly original project maintains curiosity about the questions it generates, identifying potential new areas of research whilst successfully demonstrating the impact constitutional rules have on political economy.Trade Review'Over the last 30 years or so, 'constitutional political economy' has emerged as an important branch of political economy, or more broadly political science and economics. This Primer presents a comprehensive survey of the diverse literatures that are relevant for the field. Although primarily designed for use in the classroom, it provides an excellent introduction to the field for scholars unfamiliar with this literature. Moreover, Stefan Voigt surveys such a vast number of relevant contributions that even scholars working within the field will discover works with which they were unfamiliar.' Dennis Mueller, Emeritus Professor of Economics, University of Vienna'This volume by one of the masters of constitutional political economy is the perfect introduction to this important line of research. It combines a state-of-the-art summary of current debates with clear, accessible writing. Highly recommended for those new to the field, but also essential reading for those who've worked in it as well.' Tom Ginsburg, Leo Spitz Professor of International Law and Professor of Political Science, University of Chicago'What happens when the toolkit of political economy is applied to the study of constitutional rules? The result is constitutional economics—a field that legal scholars and social scientists alike should get to know, because they will be hearing a lot more about it for years to come. And one could not ask for a clearer or more knowledgeable overview of this burgeoning field than this elegant volume by Stefan Voigt. Newcomers and advanced readers alike will benefit from its concise, candid, and critical evaluation of both the existing literature and the work that remains to be done.' David Law, Chancellor's Professor, University of California, Irvine'Comprehensiveness combined with successful brevity makes the book a valuable reference volume. An important contribution of the book is to point out studies that qualify or contradict results of past studies that have been given prominence and may have come to be regarded as having provided definitive answers to important questions. The book is suitable for researchers who want a succinct introductory overview as well as for researchers in the field who want to ensure that they have not missed essential questions and contributions.' Arye L. Hillman, Public ChoiceTable of ContentsIntroduction; 1. Conceptual Foundations; 2. Democracy vs. Autocracy; 3. Positive Constitutional Economics; 4. Conclusions – and Possible Future Issues; Appendix 1. Coding Countries According to Two Governance Scores; Appendix 2. Empirical Results at a Glance: Constitutional Rules as Explanatory Variables, Cross-Country Results Unless Otherwise Noted

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Book SynopsisThis book focuses on the changing gender patterns of work in a global retail environment associated with the rise of contemporary retail and global sourcing. This has affected the working lives of hundreds of millions of workers in high-, middle- and low-income countries. The growth of contemporary retail has been driven by the commercialised production of many goods previously produced unpaid by women within the home. Sourcing is now largely undertaken through global value chains in low- or middle-income economies, using a 'cheap' feminised labour force to produce low-price goods. As women have been drawn into the labour force, households are increasingly dependent on the purchase of food and consumer goods, blurring the boundaries between paid and unpaid work. This book examines how gendered patterns of work have changed and explores the extent to which global retail opens up new channels to leverage more gender-equitable gains in sourcing countries.Trade Review'We live in a world of global value chains, which link thousands of firms, large and small, across multiple cultural and political boundaries. Global value chains have changed how consumers interact with global corporations and their suppliers, and impacted the working conditions of millions of people employed in farms, factories and retail stores across the world. Building on years of detailed empirical research across different industries and in several countries, Barrientos shows how global values chains are also reshaping the gender profile of work across several middle- and low-income countries. Gendered patterns of work in these global value chains can both relegate women workers to poorly paid and unrecognized labor or lead to economic empowerment and enhanced worker rights. The conditions and mechanisms that lead to these alternative outcomes are beautifully detailed in this cutting edge piece of research. Gender and Work in Global Value Chains is a tour de force that will fundamentally change the way we think of the world of work and the gendered dynamics shaping the global economy.' Richard M. Locke, Brown University, Rhode Island'Based on over ten years of research across the globe and case studies from Africa, Asia and Latin America, Gender and Work in Global Value Chains provides an illuminating study of contemporary working relations and gender discrimination. Exploitation and low and uncertain wages are rife but not all is gloom and doom. Some women producers and progressive firms (as a consequence of the research) have recognised that women's 'socialised skills' increase product quality and speed of delivery. While the firms capture most of the gains, by organising, some women have improved their working conditions and secured support for domestic work and care.' Diane Perrons, London School of Economics and Political Science'Based on her excellent work on Capturing the Gains research programme, this book introduces global chains in a balanced, sophisticated and highly intelligent way. Barrientos is passionate about using GVCs to improve conditions of work of those who labour along these chains through advocating a stronger regulation of capital. She argues that this can be done only through a 'constant process of engagement, bargaining and contestation'. This book will be an excellent contribution to the debates on GVCs and their importance in understanding production, exploitation, and the campaigns to improve the way we consume. Shirin Rai, University of Warwick'This empirically rich, multi-layered and insightful book breaks down the barriers around global value chain analysis to demonstrate how these chains have been shaped by and are reshaping gender relations across the wage production and social reproduction divide. Importantly, it allows for women's agency and for gender relations to open to change by exploring not only the very considerable evidence of exploitation and undervaluation of women's work but also evidence of the contestation of these conditions and associated gendered norms.' Jill Rubery, University of ManchesterTable of ContentsList of tables; List of figures; List of abbreviations; Preface; 1. Introduction; 2. Retail shift and global sourcing; 3. Gender patterns of work in global retail value chains; 4. Global (re)production network analysis; 5. Smallholder (dis)articulations: the cocoa–chocolate value chain; 6. Mixed outcomes: downgrading and upgrading in African horticulture; 7. Contested terrain: the limits of social compliance in Asian apparel; 8. Upgrading strategies: innovation, skills and rights; 9. Governance challenges: promoting gender-equitable value chains; 10. Concluding reflections: future of work; References; Index.

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Book SynopsisThis book studies pitfalls in value added accounting of sectoral growth in real terms in the context of liberalisation of the Indian economy. Growth of sectoral gross value added can systematically deviate from that of final expenditure (and gross output), even maintaining the broad national accounting identity between the aggregates. For an investigation along these lines, input-output transactions tables provide invaluable information. The book discusses at length tricky questions of data handling and issues in interpretation of data. As the growth rate of the economy accelerated, economists observed that growth of value added came mostly from the service sector. Can the service sector maintain the momentum if manufacturing fails to get charged up in spite of all reforms aimed at this objective? The book studies this question in depth and addresses an audience interested in studying the Indian economy.Table of ContentsList of tables and figures; 1. The take-off; 2. Growth and structural change since 1978–9: issues in measurement; 3. Sectoral shares in Indian GDP: how to regard it?; 4. Sectoral growth: GVA – output dichotomy; 5. Manufacturing sector in the Indian economy: paradox of growth and stagnation; 6. Growth and sectoral GVA adjustments; 7. Growth of intermediate services; 8. Linkages and key sectors in the Indian economy; 9. Conclusion: a perspective of Indian economic growth; References; Index.

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Book SynopsisNicholas Marsh is Fellow of the English Association and the author of many titles in the 'Analysing Texts' series, of which he is also the General Editor.Trade ReviewRobert Mochrie presents modern microeconomics in its full beauty: insightful, clear, rigorous, and broadened to include all of human behavior. Both students and scholars will gain from this intuitive and masterly development of economic theory, with its expression of ideas in mathematical form, and real world perspective introduced through illustrative examples. If you want to convince with economic arguments, you must master the foundations. This book, studied with care and time, will help you get there. Stephanie Rosenkranz, Utrecht University, the Netherlands Intermediate Microeconomics is a great book, set to become a staple for those of us teaching at this level. We finally have a text that combines both traditional theory with a substantive amount of Game Theory and also ventures into Behavioural Economics. It puts the development of the student's understanding and acquisition of analytical skills proactively at its core with an excellent fusion of technical rigor and clear, intuitive exposition. Anne Gasteen, Senior Lecturer in Economics, Glasgow Caledonian University This book introduces a wide variety of rich and complex theories of microeconomics, with many useful tools designed to assist student learning. These include help with mathematical notation, clearly articulated explanations of core concepts and numerous problem sets to help build on the material introduced in each section. I recommend this as a valuable resource for all students learning about microeconomics at an intermediate level. Joe Cox, Portsmouth University, UK Robert Mochrie has done a remarkable job at presenting the key theoretical principles in a very accessible and rigorous/accurate way. The book deals brilliantly with both the intuitive as well as the analytical side of microeconomics and aims at students that already have some intuitive understanding of microeconomics. The very elegant and simple presentation as well as the extensive coverage of resource allocation in an intermediate microeconomics textbook is rare and forms an excellent foundation for teaching on an intermediate level. Anna Goddeke, Reutlingen University, Germany The textbook is a very valuable addition to the existing ones. It combines basic concepts, lots of examples, and applications with mathematical rigor and exercises in a very effective way. Martin Kocher, University of Munich, GermanyTable of ContentsPART I: MARKETS IN CONTEXT 1. Key principles 2. Perfect markets PART II: RESOURCE ALLOCATION FOR PEOPLE 3. The budget set 4. Preferences 5. Utility functions 6. The most-preferred, affordable bundle 7. Demand functions 8. Price changes 9. The CES utility function PART III: RESOURCE ALLOCATION FOR FIRMS 10. Production 11. Cost functions 12. Costs and planning 13. Firm supply in perfect competition 14. Equilibrium in perfect competition PART IV: MARKET POWER 15. Monopoly 16. Price discrimination 17. Oligopoly 18. Game theory: concepts 19. Game theory: applications PART V: WELFARE 20. Exchange 21. Production and distribution 22. Externalities 23. Public goods PART VI: BEHAVIOUR 24. Personal choice 25. Inter-temporal choice 26. Choice and risk 27. Rationality and behaviour PART VII: APPLYING GAME THEORY 28. Games with imperfect information 29. Product differentiation 30. Auctions 31. Afterword.

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Book SynopsisUnderstanding exporting in the small and micro firm presents an SOR model that owners/managers and public policy makers can use to help them develop effective strategies to improve the export propensity of small firms, especially those from small, developing economies. A formal scientific treatment of exporting from these into small, developing economies hitherto, was missing from the academic and policy discourse in these economies. This book interrogates the issue by focusing on the question: Why, of the population of small and micro locally-owned firms, some choose to sell a portion of their sales abroad while seemingly similar others, facing similar market conditions, remain focused on their domestic market? The book presents a conceptual model that is used to explain why some small firms export a portion of their sales abroad while others do not. This model will serve as an important tool that export policy makers in the public sector can use to develop profiles of firms that are suitable to receive government assistance for export market entry. It will also help export promotion organisations to better target firms for export assistance and thus prevent wastage of limited resources which is a feature of most small economies. The book also presents case studies on the challenges that small exporters and non-exporters face in developing an internationally competitive business. These cases can serve as good learning tools for managers in the small firm.

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Book SynopsisThe North American Free Trade Agreement (NAFTA) entered into force on January 1, 1994. The overall economic impact of NAFTA is difficult to measure since trade and investment trends are influenced by numerous other economic variables, such as economic growth, inflation, and currency fluctuations. The agreement may have accelerated the trade liberalization that was already taking place, but many of these changes may have taken place with or without an agreement. Nevertheless, NAFTA is significant because it was the most comprehensive free trade agreement (FTA) negotiated at the time and contained several groundbreaking provisions. This book provides an overview of North American trade liberalization before NAFTA, an overview of NAFTA provisions, the economic effects of NAFTA, and policy considerations. This book also examines the integration of North America''s agricultural and food markets as a result of the North American Free Trade Agreement.

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Book SynopsisThe book discusses cooperation in ESAS in the globalized era through essays. It examines China and Russia's relevance. Dr. Jayanta Kumar Ray, founder of South Asia Research Society, leads projects on poverty alleviation and law enforcement reform.

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Book SynopsisDavid Hackett Fischer, one of our most prominent historians, has garnered a reputation for making history come alive - even stories as familiar as Paul Revere''s ride, or as complicated as the assimilation of British culture in North America. Now, in The Great Wave, Fischer has done it again, marshalling an astonishing array of historical facts in lucid and compelling prose to outline a history of prices - `the history of change'', as Fischer puts it - covering the dazzling sweep of Western history from the medieval glory of Chartres to the modern day. Going far beyond the economic data, Fischer writes a powerful history of the people of the Western world: the economic patterns they lived in, and the politics, culture, and society that they created as a result. As he did in Albion''s Seed and Paul Revere''s Ride, two of the most talked-about history books in recent years, Fischer combines extensive research and meticulous scholarship with wonderfully evocative writing to create a book for scholars and general readers alike.Records of prices are more abundant than any other quantifiable data, and span the entire range of history, from tables of medieval grain prices to the overabundance of modern statistics. Fischer studies this wealth of data, creating a narrative that encompasses all of Western culture. He describes four waves of price revolutions, each beginning in a period of equilibrium: the High Middle Ages, the Renaissance, the Enlightenment, and finally the Victorian Age. Each revolution is marked by continuing inflation, a widening gap between rich and poor, increasing instability, and finally a crisis at the crest of the wave that is characterized by demographic contraction, social and political upheaval, and economic collapse. The most violent of these climaxes was the catastrophic fourteenth century, in which war, famine, and the Black Death devastated the continent - the only time in Europe''s history that the population actually declined. Fischer also brilliantly illuminates how these long economic waves are closely intertwined with social and political events, affecting the very mindset of the people caught in them. The long periods of equilibrium are marked by cultural and intellectual movements - such as the Renaissance, the Enlightenment, and the Victorian Age - based on a belief in order and harmony and in the triumph of progress and reason. By contrast, the years of price revolution created a melancholy culture of despair.Fischer suggests that we are living now in the last stages of a price revolution that has been building since the turn of the century. The destabilizing price surges and declines and the diminished expectations the United States has suffered in recent years - and the famines and wars of other areas of the globe - are typical of the crest of a price revolution. He does not attempt to predict what will happen, noting that `uncertainty about the future is an inexorable fact of our condition''. Rather, he ends with a brilliant analysis of where we might go from here and what our choices are now. This book is essential reading for anyone concerned about the state of the world today.Trade Reviewa work of phenomenal scope and erudition, which examines the history of inflation ... Fischer's history of inflation is a thoroughly good read ... He should send the Treasury a copy. * Mark Archer, The Sunday Telegraph *Mr Hackett Fischer's book is an important one, not least because it focuses not on a seven-week election campaign but on 700 years of history divided into four great price revolutions. Mr Hackett Fischer's scholarship is admirable. * Larry Elliott, The Guardian *This is a fascinating book; it is also an important one. It will appeal to the antiquarian that lurks in many of us ... his is a powerful piece of historical analysis and ought to become part of everyone's framework of understanding. * William Rees-Mogg, New Statesman & Society *After reading this superbly written and potentially controversial book, you'll never glare at a price tag in quite the same way again. * Keay Davidson, SF Examiner *an entertaining and provocative mixture of deep insights and highly questionable statements * Paul Ormerod, The Guardian *sweeping historical tour. ... a provocative and thoughtful journey through history. * The Economist (UK) Review section, 19 July 1997 *the book is choc-a-bloc with fascinating graphs, which chart everything from the price of oxen, wheat and cheese in England, 1210-1325, to the price of fuel oil in the United States, 1960-92. ... I admire this book hugely; it is erudite, smart, lucid and, in places, it is also very convincing. * The Sunday Telegraph, 14 September 1997 *stimulating, colourful and accessible to a wide readership ... controversial, thought-provoking ... The strength of the book is in the broad sweep of its subject matter and in the engaging narrative style which dispenses with the traditional dusty prose of the professional and substitutes a more direct and dramatic manner which makes the subject accessible to layman and student alike ... I am sure the book will attract a great deal of comment and will be of interest to both students and non-specialists alike. * Michael Collins, History Today *

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Book SynopsisThis work provides a unified and simple treatment of dynamic economics using dynamic optimization as the main theme, and the method of Lagrange multipliers to solve dynamic economic problems. The author presents the optimization framework for dynamic economics in order that readers can understand the approach and use it as they see fit. Instead of using dynamic programming, the author chooses instead to use the method of Lagrange multipliers in the analysis of dynamic optimization because it is easier and more efficient than dynamic programming, and allows readers to understand the substance of dynamic economics better. The author treats a number of topics in economics, including economic growth, macroeconomics, microeconomics, finance and dynamic games. The book also teaches by examples, using concepts to solve simple problems; it then moves to general propositions.Trade ReviewChow's book is significant. Chow's book is clear and well written, and covers an enormous range of applications of dynamic optimisation. For a postgraduate student or professional economist who is convinced by Chow's argument about the superiority of the Lagrange multiplier method and wants to use it, his book would undoubtedly be the best buy. - Paul Oslington. Economic Record. September 1998.

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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 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 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 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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