Market microstructure: intermediaries and the theory of the firm
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge [u.a.]
Cambridge Univ. Press
1999
|
| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Publisher description Table of contents Inhaltsverzeichnis |
| Physical Description: | XXX, 374 S. graph. Darst. |
| ISBN: | 0521659787 0521650259 |
Staff View
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Record in the Search Index
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Contents
Preface and acknowledgments page ix
Introduction xiii
The intermediation theory of the firm xiii
Market microstructure xvii
Intermediated exchange versus matching and searching xix
Alleviating adverse selection xxii
Mitigating moral hazard and opportunism xxv
Delegation to intermediaries xxvii
Outline of the book xxix
Part I: Market microstructure and the intermediation
theory of the firm
1 Market microstructure and intermediation 3
1.1 Who decides? 4
1.2 The circular flow of economic activity 7
1.3 Comparison with other economic theories of the firm 13
1.4 Intermediation in the U.S. economy 21
1.5 Conclusion 26
2 Price setting and intermediation by firms 27
2.1 Price setting by intermediaries 28
2.2 Allocation under uncertainty and over time 34
2.3 Price adjustment by intermediaries 40
2.4 Inventories and market clearing by intermediaries 48
2.5 Conclusion 57
Part II: Competition and market equilibrium
3 Competition between intermediaries 61
3.1 Bertrand competition for inputs with homogeneous
products 64
3.2 Bertrand price competition with differentiated products
and purchases 68
3.3 Bertrand competition with switching costs 71
V
vi Contents
3.4 Bertrand competition when costs differ 74
3.5 Conclusion 79
4 Intermediation and general equilibrium 81
4.1 The neoclassical theory of the firm 83
4.2 Transaction costs and Walrasian equilibrium 94
4.3 Monopoly intermediation in general equilibrium 96
4.4 Monopolistic competition 104
4.5 Conclusion 106
Appendix 108
Part III: Intermediation versus decentralized trade
5 Matching and intermediation by firms 117
5.1 Intermediation versus a matching market 118
5.2 Costly intermediation 126
5.3 Intermediation with random matching 130
5.4 Intermediation and matching with production 134
5.5 Conclusion 137
6 Search and intermediation by firms 140
6.1 The market model 144
6.2 Market equilibrium 150
6.3 Comparison with Walrasian equilibrium and
with monopoly 154
6.4 Market equilibrium with continual entry of
consumers and suppliers 159
6.5 Conclusion 162
Appendix 164
Part IV: Intermediation under asymmetric information
7 Adverse selection in product markets 171
7.1 Intermediated trade 173
7.2 Intermediated trade with production 179
7.3 Market clearing by intermediaries 182
7.4 Product quality and guaranties by experts 193
7.5 Conclusion 197
Appendix 198
8 Adverse selection in financial markets 203
8.1 Insiders, liquidity traders, and specialists 205
8.2 Competition between specialists 211
8.3 Informed intermediaries 215
8.4 Credit rationing by financial intermediaries 219
8.5 Conclusion 224
Contents vii
Part V: Intermediation and transaction cost theory
9 Transaction costs and the contractual theory of the firm 229
9.1 Transaction costs versus management costs 232
9.2 Transaction costs, uncertainty, and bounded rationality 236
9.3 Transaction costs and opportunism 245
9.4 Transaction costs and ownership 251
9.5 Conclusion 254
10 Transaction costs and the intermediation theory of the firm 256
10.1 Transaction costs and market microstructure 259
10.2 Intermediation and vertical integration 266
10.3 Intermediation and opportunism 276
10.4 Intermediation and ownership 281
10.5 Conclusion 285
Part VI: Intermediation and agency theory
11 Agency and the organizational incentive theory of the firm 289
11.1 Vertical integration and the boundaries of the firm 291
11.2 Coordination of agents by the firm 299
11.3 Delegation of authority by owners to managers 306
11.4 Delegation of authority by managers to employees 314
11.5 Conclusion 317
12 Agency and the intermediation theory of the firm 319
12.1 What is an agent? 321
12.2 Delegated bargaining 329
12.3 Delegated competition 332
12.4 Delegated monitoring 335
12.5 Conclusion 342
Conclusion 344
The intermediation theory of the firm 345
Market microstructure and intermediation 348
Management implications 350
Public policy implications 351
References 353
Index 369 |
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| dewey-ones | 338 - Production |
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| discipline | Wirtschaftswissenschaften |
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| illustrated | Illustrated |
| indexdate | 2025-01-03T15:00:44Z |
| institution | BVB |
| isbn | 0521659787 0521650259 |
| language | English |
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| spelling | Spulber, Daniel F. Verfasser (DE-588)139950680 aut Market microstructure intermediaries and the theory of the firm Daniel F. Spulber 1. publ. Cambridge [u.a.] Cambridge Univ. Press 1999 XXX, 374 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Industrial organization (Economic theory) Securities Stock exchanges Microeconomics Unternehmenstheorie (DE-588)4078614-6 gnd rswk-swf Industrieökonomie (DE-588)4133311-1 gnd rswk-swf Unternehmenstheorie (DE-588)4078614-6 s DE-604 Industrieökonomie (DE-588)4133311-1 s DE-188 http://www.loc.gov/catdir/description/cam029/98034680.html Publisher description http://www.loc.gov/catdir/toc/cam025/98034680.html Table of contents HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008397068&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Spulber, Daniel F. Market microstructure intermediaries and the theory of the firm Industrial organization (Economic theory) Securities Stock exchanges Microeconomics Unternehmenstheorie (DE-588)4078614-6 gnd Industrieökonomie (DE-588)4133311-1 gnd |
| subject_GND | (DE-588)4078614-6 (DE-588)4133311-1 |
| title | Market microstructure intermediaries and the theory of the firm |
| title_auth | Market microstructure intermediaries and the theory of the firm |
| title_exact_search | Market microstructure intermediaries and the theory of the firm |
| title_full | Market microstructure intermediaries and the theory of the firm Daniel F. Spulber |
| title_fullStr | Market microstructure intermediaries and the theory of the firm Daniel F. Spulber |
| title_full_unstemmed | Market microstructure intermediaries and the theory of the firm Daniel F. Spulber |
| title_short | Market microstructure |
| title_sort | market microstructure intermediaries and the theory of the firm |
| title_sub | intermediaries and the theory of the firm |
| topic | Industrial organization (Economic theory) Securities Stock exchanges Microeconomics Unternehmenstheorie (DE-588)4078614-6 gnd Industrieökonomie (DE-588)4133311-1 gnd |
| topic_facet | Industrial organization (Economic theory) Securities Stock exchanges Microeconomics Unternehmenstheorie Industrieökonomie |
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