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Price Directed Search And Collusion
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Book Synopsis Price-directed Search and Collusion by : Martin Obradovits
Download or read book Price-directed Search and Collusion written by Martin Obradovits and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In many (online) markets, consumers can readily observe prices, but need to examine individual products at positive cost in order to assess how well they match their needs. We propose a tractable model of price-directed sequential search in a market where firms compete in prices. Each product meets consumers' basic needs, however they are only fully satisfied with a certain probability. In our setup, four types of pricing equilibria emerge, some of which entail inefficiencies as not all consumers are (always) served. We then lend our model to analyze collusion. We find that for any number of firms, there exists a parameter region in which the payoff-dominant symmetric collusive equilibrium gives rise to a higher expected total social welfare than the repeated one-shot Nash equilibrium. In other regions, welfare is identical under collusion and merely consumer rents are transferred, or both welfare and consumer rents are reduced. An all-inclusive cartel maximizing industry profit increases welfare for an even larger set of parameters, but may also be detrimental to it.
Book Synopsis Collusive Equilibria in Directed Search Models by : Gabor Virag
Download or read book Collusive Equilibria in Directed Search Models written by Gabor Virag and published by . This book was released on 2007 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider a model of directed search where the sellers are allowed to post general mechanisms. Regardless of the number of buyers and sellers, the sellers are able extract all the surplus of the buyers by introducing entry fees and making their price schedule positively sloped in the number of buyers arriving to their shops. Therefore, shopping card membership fees - similar to our entry fee component - may act as a collusion device between sellers. If there is a lower bound on the prices or there is an upper bound on the entry fees that can be charged, then the equilibrium with full rent extraction may not exist any more. However, the seller optimal equilibrium still features positive entry fees and increasing price schedules. When the constraint is on the entry fees in the seller optimal equilibrium all sellers offer auctions. This implies that if the firms can coordinate on an equilibrium they would not choose a fixed price one (studied by Burdett, Shi and Wright (2001)) or one without entry fees (as in Coles and Eeckhout (2003)). When the market becomes infinitely large, and the sellers face constraints on the prices or entry fees they can choose, then any equilibrium yields the same profits and the sellers cannot sustain collusion in equilibrium.
Book Synopsis Collusion Through Price Ceilings? In Search of a Focal-Point Effect by : Dirk Engelmann
Download or read book Collusion Through Price Ceilings? In Search of a Focal-Point Effect written by Dirk Engelmann and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: With this study we resume the search for a collusive focal-point effect of price ceilings in laboratory markets. We argue that market conditions in previous studies were unfavorable for collusion which may have been responsible for not finding such a focal-point effect. Our design aims at maximizing the likelihood of a focal-point effect. Nevertheless, our results again fail to support the focal-point hypothesis. Collusion is as unlikely in markets with a price ceiling as in markets with unconstrained pricing. Overall, the static Nash equilibrium predicts the data fairly accurately. We argue that this might warrant re-interpretation of field studies on anti-competitive effects of price ceilings.
Book Synopsis The Antitrust Paradox by : Robert Bork
Download or read book The Antitrust Paradox written by Robert Bork and published by . This book was released on 2021-02-22 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
Author :American Bar Association. House of Delegates Publisher :American Bar Association ISBN 13 :9781590318737 Total Pages :216 pages Book Rating :4.3/5 (187 download)
Book Synopsis Model Rules of Professional Conduct by : American Bar Association. House of Delegates
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Book Synopsis The Positive Theory of Capital by : Eugen von Böhm-Bawerk
Download or read book The Positive Theory of Capital written by Eugen von Böhm-Bawerk and published by Ludwig von Mises Institute. This book was released on 1959 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Collusion written by Nomi Prins and published by Bold Type Books. This book was released on 2018-05-01 with total page 493 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this searing exposéformer Wall Street insider Nomi Prins shows how the 2007-2008 financial crisis turbo-boosted the influence of central bankers and triggered a massive shift in the world order. Central banks and international institutions like the IMF have overstepped their traditional mandates by directing the flow of epic sums of fabricated money without any checks or balances. Meanwhile, the open door between private and central banking has ensured endless opportunities for market manipulation and asset bubbles -- with government support. Through on-the-ground reporting, Prins reveals how five regions and their central banks reshaped economics and geopolitics. She discloses how Mexico navigated its relationship with the US while striving for independence and how Brazil led the BRICS countries to challenge the US dollar's hegemony. She explains how China's retaliation against the Fed's supremacy is aiding its ongoing ascent as a global superpower and how Japan is negotiating the power shift from the West to the East. And she illustrates how the European response to the financial crisis fueled instability that manifests itself in everything from rising populism to the shocking Brexit vote. Packed with tantalizing details about the elite players orchestrating the world economy -- from Janet Yellen and Mario Draghi to Ben Bernanke and Christine Lagarde -- Collusion takes the reader inside the most discreet conversations at exclusive retreats like Jackson Hole and Davos. A work of meticulous reporting and bracing analysis, Collusion will change the way we understand the new world of international finance.
Book Synopsis Ball of Collusion by : Andrew C. McCarthy
Download or read book Ball of Collusion written by Andrew C. McCarthy and published by Encounter Books. This book was released on 2020-09-22 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: The real collusion in the 2016 election was not between the Trump campaign and the Kremlin. It was between the Clinton campaign and the Obama administration. The media–Democrat “collusion narrative,” which paints Donald Trump as cat’s paw of Russia, is a studiously crafted illusion. Despite Clinton’s commanding lead in the polls, hyper-partisan intelligence officials decided they needed an “insurance policy” against a Trump presidency. Thus was born the collusion narrative, built on an anonymously sourced “dossier,” secretly underwritten by the Clinton campaign and compiled by a former British spy. Though acknowledged to be “salacious and unverified” at the FBI’s highest level, the dossier was used to build a counterintelligence investigation against Trump’s campaign. Miraculously, Trump won anyway. But his political opponents refused to accept the voters’ decision. Their collusion narrative was now peddled relentlessly by political operatives, intelligence agents, Justice Department officials, and media ideologues—the vanguard of the “Trump Resistance.” Through secret surveillance, high-level intelligence leaking, and tireless news coverage, the public was led to believe that Trump conspired with Russia to steal the election. Not one to sit passively through an onslaught, President Trump fought back in his tumultuous way. Matters came to a head when he fired his FBI director, who had given explosive House testimony suggesting the president was a criminal suspect, despite privately assuring Trump otherwise. The resulting firestorm of partisan protest cowed the Justice Department to appoint a special counsel, whose seemingly limitless investigation bedeviled the administration for two years. Yet as months passed, concrete evidence of collusion failed to materialize. Was the collusion narrative an elaborate fraud? And if so, choreographed by whom? Against media–Democrat caterwauling, a doughty group of lawmakers forced a shift in the spotlight from Trump to his investigators and accusers. This has exposed the depth of politicization within American law-enforcement and intelligence agencies. It is now clear that the institutions on which our nation depends for objective policing and clear-eyed analysis injected themselves scandalously into the divisive politics of the 2016 election. They failed to forge a new Clinton administration. Will they succeed in bringing down President Trump?
Book Synopsis Market Structure and Competition Policy by : George Norman
Download or read book Market Structure and Competition Policy written by George Norman and published by Cambridge University Press. This book was released on 2000-11-30 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2000 text applies modern advances in game theory to the analysis of competition policy and develops some of the theoretical and policy concerns associated with the pioneering work of Louis Phlips. Containing contributions by leading scholars from Europe and North America, this book observes a common theme in the relationship between the regulatory regime and market structure. Since the inception of the new industrial organization, economists have developed a better understanding of how real-world markets operate. These results have particular relevance to the design and application of anti-trust policy. Analyses indicate that picking the most competitive framework in the short run may be detrimental to competition and welfare in the long run, concentrating the attention of policy makers on the impact on the long-run market structure. This book provides essential reading for graduate students of industrial and managerial economics as well as researchers and policy makers.
Book Synopsis The Nature of the Firm by : Oliver E. Williamson
Download or read book The Nature of the Firm written by Oliver E. Williamson and published by Oxford University Press, USA. This book was released on 1993 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume features a series of essays which arose from a conference on economics, addressing the question: what is the nature of the firm in economic analysis? This paperback edition includes the Nobel Lecture of R.N. Case.
Book Synopsis Putting Auction Theory to Work by : Paul Milgrom
Download or read book Putting Auction Theory to Work written by Paul Milgrom and published by Cambridge University Press. This book was released on 2004-01-12 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.
Book Synopsis The Economics of Search by : Brian McCall
Download or read book The Economics of Search written by Brian McCall and published by Routledge. This book was released on 2007-12-20 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economics of search is a prominent component of economic theory, and it has a richness and elegance that underpins a host of practical applications. In this book Brian and John McCall present a comprehensive overview of the economic theory of search, from the classical model of job search formulated 40 years ago to the recent developments in equilibrium models of search. The book gives decision-theoretic foundations to seemingly slippery issues in labour market theory, estimation theory and economic dynamics in general, and surveys the entire field of the economics of search, including its history, theory, and econometric applications. Theoretical models of the economics of search are covered as well as estimation methods used in search theory and topics covered include job search, turnover, unemployment, liquidity, house selling, real options and auctions. The mathematical methods used in search theory such as dynamic programming are reviewed as well as structural estimation methods and econometric methods for duration models. The authors also explore the classic sequential search model and its extensions in addition to recent advances in equilibrium search theory.
Book Synopsis The Economics of Platforms by : Paul Belleflamme
Download or read book The Economics of Platforms written by Paul Belleflamme and published by Cambridge University Press. This book was released on 2021-11-11 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Digital platforms controlled by Alibaba, Alphabet, Amazon, Facebook, Netflix, Tencent and Uber have transformed not only the ways we do business, but also the very nature of people's everyday lives. It is of vital importance that we understand the economic principles governing how these platforms operate. This book explains the driving forces behind any platform business with a focus on network effects. The authors use short case studies and real-world applications to explain key concepts such as how platforms manage network effects and which price and non-price strategies they choose. This self-contained text is the first to offer a systematic and formalized account of what platforms are and how they operate, concisely incorporating path-breaking insights in economics over the last twenty years.
Book Synopsis Issues in Regional Economics: 2013 Edition by :
Download or read book Issues in Regional Economics: 2013 Edition written by and published by ScholarlyEditions. This book was released on 2013-05-01 with total page 495 pages. Available in PDF, EPUB and Kindle. Book excerpt: Issues in Regional Economics / 2013 Edition is a ScholarlyEditions™ book that delivers timely, authoritative, and comprehensive information about Japanese Economy. The editors have built Issues in Regional Economics: 2013 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Japanese Economy in this book to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Issues in Regional Economics: 2013 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.
Book Synopsis Lectures on Antitrust Economics by : Michael Dennis Whinston
Download or read book Lectures on Antitrust Economics written by Michael Dennis Whinston and published by . This book was released on 2006 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Antitrust law regulates economic activity but differs in its operation from what is traditionally considered "regulation." Where regulation is often industry-specific and involves the direct setting of prices, product characteristics, or entry, antitrust law focuses more broadly on maintaining certain basic rules of competition. In these lectures Michael Whinston offers an accessible and lucid account of the economics behind antitrust law, looking at some of the most recent developments in antitrust economics and highlighting areas that require further research. He focuses on three areas: price fixing, in which competitors agree to restrict output or raise price; horizontal mergers, in which competitors agree to merge their operations; and exclusionary vertical contracts, in which a competitor seeks to exclude a rival. Antitrust commentators widely regard the prohibition on price fixing as the most settled and economically sound area of antitrust. Whinston's discussion seeks to unsettle this view, suggesting that some fundamental issues in this area are, in fact, not well understood. In his discussion of horizontal mergers, Whinston describes the substantial advances in recent theoretical and empirical work and suggests fruitful directions for further research. The complex area of exclusionary vertical contracts is perhaps the most controversial in antitrust. The influential "Chicago School" cast doubt on arguments that vertical contracts could be profitably used to exclude rivals. Recent theoretical work, to which Whinston has made important contributions, instead shows that such contracts can be profitable tools for exclusion. Whinston's discussion sheds light on the controversy in this area and the nature of those recent theoretical contributions. Sponsored by the Universidad Torcuato Di Tella
Book Synopsis The Oxford Handbook of Judaism and Economics by : Aaron Levine
Download or read book The Oxford Handbook of Judaism and Economics written by Aaron Levine and published by Oxford University Press. This book was released on 2010-12-07 with total page 3106 pages. Available in PDF, EPUB and Kindle. Book excerpt: The interaction of Judaism and economics encompasses many different dimensions. Much of this interaction can be explored through the way in which Jewish law accommodates and even enhances commercial practice today and in past societies. From this context, The Oxford Handbook of Judaism and Economics explores how Judaism as a religion and Jews as a people relate to the economic sphere of life in modern society as well as in the past. Bringing together an astonishingly strong group of top scholars, the volume approaches the subject from a variety of angles, providing one of the most comprehensive, well-rounded, and authoritative accounts of the intersections of Judaism and economics yet produced. Aaron Levine first offers a brief overview of the nature and development of Jewish law as a legal system, then presents essays from a variety of angles and areas of expertise. The book offers contributions on economic theory in the bible and in the Talmud; on the interaction between Jewish law, ethics, modern society, and public policy; then presents illuminating explorations of Judaism throughout economic history and the ways in which economics has influenced Jewish history. The Oxford Handbook of Judaism and Economics at last offers an extensive and welcome resource by leading scholars and economists on the vast and delightfully complex relationship between economics and Judaism.
Book Synopsis The Theory of Collusion and Competition Policy by : Joseph E. Harrington, Jr.
Download or read book The Theory of Collusion and Competition Policy written by Joseph E. Harrington, Jr. and published by MIT Press. This book was released on 2017-11-16 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: A review of the theoretical research on unlawful collusion, focusing on the impact and optimal design of competition law and enforcement. Collusion occurs when firms in a market coordinate their behavior for the purpose of producing a supracompetitive outcome. The literature on the theory of collusion is deep and broad but most of that work does not take account of the possible illegality of collusion. Recently, there has been a growing body of research that explicitly focuses on collusion that runs afoul of competition law and thereby makes firms potentially liable for penalties. This book, by an expert on the subject, reviews the theoretical research on unlawful collusion, with a focus on two issues: the impact of competition law and enforcement on whether, how long, and how much firms collude; and the optimal design of competition law and enforcement. The book begins by discussing general issues that arise when models of collusion take into account competition law and enforcement. It goes on to consider game-theoretic models that encompass the probability of detection and penalties incurred when convicted, and examines how these policy instruments affect the frequency of cartels, cartel duration, cartel participation, and collusive prices. The book then considers the design of competition law and enforcement, examining such topics as the formula for penalties and leniency programs. The book concludes with suggested future lines of inquiry into illegal collusion.
