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Author: Edward J. Balleisen Publisher: Cambridge University Press ISBN: 0521118484 Category : Business & Economics Languages : en Pages : 579
Book Description
After two generations of emphasis on governmental inefficiency and the need for deregulation, we now see growing interest in the possibility of constructive governance, alongside public calls for new, smarter regulation. Yet there is a real danger that regulatory reforms will be rooted in outdated ideas. As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges. Regulatory studies, long neglected in an atmosphere focused on deregulatory work, is in critical need of new models and theories that can guide effective policy-making. This interdisciplinary volume points the way toward the modernization of regulatory theory. Its essays by leading scholars move past predominant approaches, integrating the latest research about the interplay between human behavior, societal needs, and regulatory institutions. The book concludes by setting out a potential research agenda for the social sciences.
Author: Edward J. Balleisen Publisher: Cambridge University Press ISBN: 0521118484 Category : Business & Economics Languages : en Pages : 579
Book Description
After two generations of emphasis on governmental inefficiency and the need for deregulation, we now see growing interest in the possibility of constructive governance, alongside public calls for new, smarter regulation. Yet there is a real danger that regulatory reforms will be rooted in outdated ideas. As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges. Regulatory studies, long neglected in an atmosphere focused on deregulatory work, is in critical need of new models and theories that can guide effective policy-making. This interdisciplinary volume points the way toward the modernization of regulatory theory. Its essays by leading scholars move past predominant approaches, integrating the latest research about the interplay between human behavior, societal needs, and regulatory institutions. The book concludes by setting out a potential research agenda for the social sciences.
Author: Jonathan Roffe Publisher: Palgrave Macmillan ISBN: 9781137511744 Category : Philosophy Languages : en Pages : 0
Book Description
Financial markets play a huge role in society but theoretical reflections on what constitutes these markets are scarce. Drawing on sources in philosophy, finance, the history of modern mathematics, sociology and anthropology, Abstract Market Theory elaborates a new philosophy of the market in order to redress this gap between reality and theory.
Author: Farhad Rassekh Publisher: Routledge ISBN: 1134864590 Category : Business & Economics Languages : en Pages : 218
Book Description
This highly original work offers an intellectual history of four central theories underlying the market economic system, focusing on their conception, evolution, and applications. Four Central Theories of the Market Economy traces the root of the theories, their conception and articulation, as well as their evolutions to the present time. It focuses on the four theories that are generally recognized as fundamental to the discipline of economics: the invisible hand, comparative advantage, the law of markets, and the quantity theory of money. These theories have profoundly influenced the world. Chapters explore their rich intellectual history from classical Greece to today, drawing on the original works of the great economic minds of the classical era and other thinkers who prepared the path for them, as well as those who refined their works or challenged them. This volume will leave the reader with a deep understanding of these pillars of the market economic system in the context of their historical development. This book will be of great interest to all scholars and students of economics who are interested in the intellectual history of their discipline as well as scholars and students of intellectual history who are interested in economics.
Author: Thin Tun Publisher: Harvard University Press ISBN: 9780674880801 Category : Business & Economics Languages : en Pages : 136
Book Description
Concerned primarily with oligopoly, this work includes a general study of pricing in three different markets--perfect competition, perfect monopoly, and imperfect competition. The solutions of these markets offered by Cournot, Smithies, Chamberlin, Stackelberg, Fellner, and Robinson are presented mathematically, followed by the author's own version of the theory of rational pricing in oligopoly. Previous authors have not allowed for all the variables arising from profit and price situations in the market. Here, more realistic assumptions and more complex analyses indicate that sellers in oligopoly situations do not always need to arrange specific agreements--hence, that "administered" pricing does not inevitably occur when the market is dominated by a few producers.
Author: Michel Callon Publisher: Princeton University Press ISBN: 1942130589 Category : Social Science Languages : en Pages : 270
Book Description
Slicing through blunt theories of supply and demand, Callon presents a rigorously researched but counterintuitive model of how everyday market activity gets produced. If you’re convinced you know what a market is, think again. In his long-awaited study, French sociologist and engineer Michel Callon takes us to the heart of markets, to the unsung processes that allow innovations to become robust products and services. Markets in the Making begins with the observation that stable commercial transactions are more enigmatic, more elusive, and more involved than previously described by economic theory. Slicing through blunt theories of supply and demand, Callon presents a rigorously researched but counterintuitive model of market activity that emphasizes what people designing products or launching startups soon discover—the inherent difficulties of connecting individuals to things. Callon’s model is founded upon the notion of “singularization,” the premise that goods and services must adapt and be adapted to the local milieu of every individual whose life they enter. Person by person, thing by thing, Callon demonstrates that for ordinary economic transactions to emerge en masse, singular connections must be made. Pushing us to see markets as more than abstract interfaces where pools of anonymous buyers and sellers meet, Callon draws our attention to the exhaustively creative practices that market professionals continuously devise to entangle people and things. Markets in the Making exemplifies how prototypes, fragile curiosities that have only just been imagined, are gradually honed into predictable objects and practices. Once these are active enough to create a desired effect, yet passive enough to be transferred from one place to another without disruption, they will have successfully achieved the status of “goods” or “services.” The output of this more ample process of innovation, as redefined by Callon, is what we recognize as “the market”—commercial activity, at scale. The capstone of an influential research career at the forefront of science and technology studies, Markets in the Making coherently integrates the empirical perspective of product engineering with the values of the social sciences. After masterfully redescribing how markets are made, Callon culminates with a strong empirical argument for why markets can and should be harnessed to enact social change. His is a theory of markets that serves social critique.
Author: William A. Jackson Publisher: Routledge ISBN: 1317385640 Category : Business & Economics Languages : en Pages : 250
Book Description
Defining markets has never been an easy task. Despite their importance for economic theory and practice, they are hard to pin down as a concept and economists have tended to adopt simplified axiomatic models or rely on piecemeal case studies. This book argues that an extended range of theory, social as well as economic, can provide a better foundation for the portrayal of markets. The book first looks at the definition of markets, their inadequate treatment in orthodox economic theory, and their historical background in the pre-capitalist and capitalist eras. It then assesses various alternatives to orthodox theory, categorised as social/cultural, structural, functional and ethical approaches. Among the alternatives considered are institutionalist accounts, Marxian views, network models, performativity arguments, field theories, Austrian views and ethical notions of fair trade. A key finding of the book is that these diverse approaches, valuable as they are, could present a more effective challenge to orthodoxy if they were less disparate. Possibilities are investigated for a more unified theoretical alternative to orthodoxy. Unlike most studies of markets, this book adopts a fully interdisciplinary viewpoint expressed in accessible, non-technical language. Ideas are brought together from heterodox economics, social theory, critical realism, as well as other social sciences such as sociology, anthropology and geography. Anybody seeking a broad critical survey of the theoretical analysis of markets will find this book useful and it will be of great interest to economists, social scientists, students and policy-makers.
Author: Emilio Barucci Publisher: Springer ISBN: 1447173228 Category : Mathematics Languages : en Pages : 843
Book Description
This work, now in a thoroughly revised second edition, presents the economic foundations of financial markets theory from a mathematically rigorous standpoint and offers a self-contained critical discussion based on empirical results. It is the only textbook on the subject to include more than two hundred exercises, with detailed solutions to selected exercises. Financial Markets Theory covers classical asset pricing theory in great detail, including utility theory, equilibrium theory, portfolio selection, mean-variance portfolio theory, CAPM, CCAPM, APT, and the Modigliani-Miller theorem. Starting from an analysis of the empirical evidence on the theory, the authors provide a discussion of the relevant literature, pointing out the main advances in classical asset pricing theory and the new approaches designed to address asset pricing puzzles and open problems (e.g., behavioral finance). Later chapters in the book contain more advanced material, including on the role of information in financial markets, non-classical preferences, noise traders and market microstructure. This textbook is aimed at graduate students in mathematical finance and financial economics, but also serves as a useful reference for practitioners working in insurance, banking, investment funds and financial consultancy. Introducing necessary tools from microeconomic theory, this book is highly accessible and completely self-contained. Advance praise for the second edition: "Financial Markets Theory is comprehensive, rigorous, and yet highly accessible. With their second edition, Barucci and Fontana have set an even higher standard!"Darrell Duffie, Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University "This comprehensive book is a great self-contained source for studying most major theoretical aspects of financial economics. What makes the book particularly useful is that it provides a lot of intuition, detailed discussions of empirical implications, a very thorough survey of the related literature, and many completely solved exercises. The second edition covers more ground and provides many more proofs, and it will be a handy addition to the library of every student or researcher in the field."Jaksa Cvitanic, Richard N. Merkin Professor of Mathematical Finance, Caltech "The second edition of Financial Markets Theory by Barucci and Fontana is a superb achievement that knits together all aspects of modern finance theory, including financial markets microstructure, in a consistent and self-contained framework. Many exercises, together with their detailed solutions, make this book indispensable for serious students in finance."Michel Crouhy, Head of Research and Development, NATIXIS
Author: Bertrand M. Roehner Publisher: Springer Science & Business Media ISBN: 3642794793 Category : Business & Economics Languages : en Pages : 419
Book Description
Book titles, because they are compromises between concision and precision, provide but an approximate description of real content. For this book an al ternative and more comprehensive title would be: An investigation of spatial arbitrage as an introduction to the theory of commodity markets: trade and space-time patterns of price fluctuations. In this title, both the specificities and the limitations of our approach are emphasized. Firstly, our approach con centrates on the basic mechanisms of spatial arbitrage, leaving aside a number of accessory facets of international trade such as the impact of quotas or of ex change rates. Secondly, for the sake of simplicity we restrict ourselves to single commodity markets; the interrelationship of different goods on multi-commodity markets are only occasionally mentioned. The previous restrictions, however drastic they may at first appear delimit and define what can be considered as the core of the process of trade and of spatial transactions. Having thus simplified the object of our study, we are able to tackle the problem in a systematic way and to model spatial differentials along with their relationships to the volume of trade both in eqUilibrium and in non-equilibrium situations. As far as the subtitle of the book is concerned, we shall postpone the discussion of what is meant by the expression "analytical economics" until the concluding chapter.
Author: Edward J. Balleisen
Author: Edward J. Balleisen
Author: Jonathan Roffe
Author: Michael Magill
Author: Farhad Rassekh
Author: Thin Tun
Author: Michel Callon
Author: William A. Jackson
Author: Emilio Barucci
Author: Heinrich von Stackelberg
Author: Bertrand M. Roehner