Market failure or success : the new debate

Recent years have seen the development of new theories of market failure based on asymmetric information and network effects. According to the new paradigm, we can expect substantial failure in the markets for labor, credit, insurance, software, new technologies and even used cars, to give but a few...

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Main Author: Crampton, Eric
Corporate Author: Edward Elgar Publishing
Other Authors: Cowen, Tyler
Format: eBook
Language:English
Published: Cheltenham E. Elgar c2002
Subjects:
Online Access:
Collection: Edward Elgar eBook Archive - Collection details see MPG.ReNa
Summary:Recent years have seen the development of new theories of market failure based on asymmetric information and network effects. According to the new paradigm, we can expect substantial failure in the markets for labor, credit, insurance, software, new technologies and even used cars, to give but a few examples. This volume brings together the key papers on the subject, including classic papers by Joseph Stiglitz, George Akerlof and Paul David. The book provides powerful theoretical and empirical rebuttals challenging the assumptions of these new models and questioning the usual policy conclusions. It goes on to demonstrate how an examination of real markets and careful experimental studies are unable to verify the new theories. New frontiers for research are also suggested
pt. 1. New market failure theories -- pt. 2. Theoretical responses -- pt. 3. Empirical and experimental responses
Physical Description:xvi, 367 p
ISBN:9781781950005
9781843760856
9781843760252
1843760258