Market Microstructure Intermediaries and the Theory of the Firm 9780511625930 Economics Books
Download As PDF : Market Microstructure Intermediaries and the Theory of the Firm 9780511625930 Economics Books 
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.
Market Microstructure Intermediaries and the Theory of the Firm 9780511625930 Economics Books
Very clear and useful book for researchers and students!Product details
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Tags : Market Microstructure: Intermediaries and the Theory of the Firm: 9780511625930: Economics Books @ Amazon.com,Daniel F. Spulber,Market Microstructure: Intermediaries and the Theory of the Firm,Cambridge University Press,0511625936,BUSINESS & ECONOMICS Economics Microeconomics,Microeconomics
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Market Microstructure Intermediaries and the Theory of the Firm 9780511625930 Economics Books Reviews
Intermediaries play a significant role in market economies. The author identifies that role and develops a conceptual framework of the major functions of intermediaries in markets. The main idea, which goes beyond the classical dichotomy of firms vs. markets, is simple but powerful firms create and manage markets. I think it is a book that should be read by everyone interested in understanding how markets work.
This book provides concepts of intermediary firm and its functions in economy. The author starts by introducing Princing Mechanism and Adjustment (with uncertainry) in the first part. He give use a fancy applications in Economic Theory (Gen. Eqlm.) and competition among intermediaries in part II. Part III, he seperates the concepts of matching and searching. Part IV, Adverse Selection and Moral Harzard problems are also given. Part V is Transaction Cost. Part VI is Agency Theory. All are presented with intermediary concepts. The author gives ideas about intermediary in many aspects by collecting lots of papers and conceptualization of thems. The concepts can be used in financial and physical markets. It is indispensable for students who want to study Market Microstructure, Intermediary and E-commerce Concept.
This is a confused book. It purports to talk about all product/service markets and introduces the idea that the firm is the middleman between supply and demand. Instead of suppliers and buyers transacting directly, the firm is a coordination device. I am confused already. Does this really apply to all firms as the author implies? I can understand how a retailer or a travel agent could be such a middleman. But can an automotive firm be such a middleman? The counterfactual idea of customers buying auto parts and assembling them in the garage is absurd. Nowhere does the author talk about such rather practical ideas.
He then moves on to deal with important issues of adverse selection, transaction costs, etc. Undoubtedly important, but they are already discussed by an extensive literature. So the only unique idea is the firm as a middleman. The reader deserves to get a good explanation of this idea with lots of practical examples. The term microstructure also led this reviewer to think the book was about more detailed issues than standard theoretical microeconomics.
I give the book one star. Had the author taken the effort and described exactly what the book is about and what it is not about, I could have provided a somewhat higher evaluation.
Very clear and useful book for researchers and students!
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