Applied Microeconomic Theory: Selected Essays of B.Curtis Eaton (Economists of the Twentieth Century Series)
By: B.Curtis Eaton (author)Hardback
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"Applied Microeconomic Theory" presents a seminal collection of the author's influential papers in a number of areas of applied microeconomic theory. This volume contains a selection of both published and unpublished papers written over a period of thirty years and reveals Curtis Eaton's profound economic insight and ability. Topics covered include: strategic market structure, beginning with Eaton's pioneering 1975 paper on pre-emption by product proliferation in a differentiated oligopoly and ending with his paper (in collaboration with Nicholas Schmitt) on the implications for market structure of flexible manufacturing published in 1995; efficiency wages, including two of the very earliest papers on the subject written in collaboration with William White; theory of price in both labour and output markets; and collusive behaviour, including a number of important papers written in collaboration with Mukesh Eswaran.
Part 1 Strategic behaviour: free entry in one-dimensional models - pure profits and multiple equilibria; freedom of entry and the existence of pure profit; the theory of market pre-emption - the persistence of excess capacity and monopoly in growing spatial markets; exit barriers are entry barriers - the durability of capital as a barrier to entry; capital, commitment and entry equilibrium; asymmetric equilibria and strategic behaviour in oligopolistic markets; sophisticated entry in an address model of monopolistic competition; a theory of market structure with sequential entry; uncertainty and the value of strategic commitment; noncooperative equilibria in one-shot games; flexible manufacturing and market structure; supporting collusion by choice of inferior technologies. Part 2 Efficiency wages: agent compensation and the limits of bonding; the economy of high wages - an agency problem; wealth - the support of institutions and the limits of control; the distribution of wealth and the efficiency of institutions. Part 3 Applied price theory: unemployment, underemployment and optimal job search; firm specific human capital - a shared investment or optimal entrapment?; patience, more than its own reward - a note on price discrimination; person specific costs of production - hours of work, rates of pay, labour contracts; Sweezy's kink - the original consistent conjectural equilibrium; the geometry of supply, demand and competitive market structure with economies of scope; price versus quantity competition in the Gabszewicz-Thisse model of vertical differentiation; endogenous pricing modes in markets for inputs; an address model of patent breadth with two countries; image advertising; technology trading coalitions in supergames; co-specific investments, hold-up and self enforcing contracts; the evolution of communication in a sender/receiver game of common interest with cheap talk; endogenous cartel formation; know-how sharing with stochastic innovations.
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- ID: 9781858986500
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