Inbunden, Engelska, 1999
Market Microstructure
Intermediaries and the Theory of the Firm
1948 kr
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Beskrivning
This book presents a theory of the firm based on its economic role as an intermediary between customers and suppliers. Professor Spulber demonstrates how the intermediation theory of the firm explains firm formation by showing how they arise in a market equilibrium. In addition, the theory helps explain how markets work by showing how firms select market-clearing prices. Models of intermediation and market microstructure from microeconomics and finance shed considerable light on the formation and market-making activities of firms. The intermediation theory of the firm is compared to existing economic theories of the firm including the neoclassical, industrial organization, transaction cost, and principal-agent models.
Produktinformation
- Utgivningsdatum: 1999-04-13
- Mått: 159 x 238 x 26 mm
- Vikt: 730 g
- Format: Inbunden
- Språk: Engelska
- Antal sidor: 406
- Förlag: Cambridge University Press
- ISBN: 9780521650250
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Recensioner i media
"Market Microstructure provides a rich new theoretical analysis of the role of firms in markets. It argues convincingly that by acting as intermediaries, firms can alleviate the problems of adverse selection, moral hazard, and high search costs, and can encourage valuable investment. Using elegantly simple models, this book offers deep new insights into why firms emerge and how markets function." Paul Milgrom, Stanford University
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