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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| Format: | eBook |
| Language: | English |
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Cheltenham
E. Elgar
c2002
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| 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 |
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| Physical Description: | xvi, 367 p |
| ISBN: | 9781781950005 9781843760856 9781843760252 1843760258 |