Market Failure or Success: The New Debate

Market Failure or Success: The New Debate

by Tyler Cowen
     
 

ISBN-10: 1843760258

ISBN-13: 9781843760252

Pub. Date: 02/01/2003

Publisher: Elgar, Edward Publishing, Inc.

Despite the importance and political influence of the new theories, no systematic critical examination has been available - until now. Market Failure or Success: The New Debate brings together the key studies on the subject, including classic papers by Paul David and Nobel Laureates, Joseph Stiglitz and George Akerlof, along with powerful theoretical and empirical…  See more details below

Overview

Despite the importance and political influence of the new theories, no systematic critical examination has been available - until now. Market Failure or Success: The New Debate brings together the key studies on the subject, including classic papers by Paul David and Nobel Laureates, Joseph Stiglitz and George Akerlof, along with powerful theoretical and empirical rebuttals. The rebuttals challenge the assumptions of the new models and question the usual policy conclusions. Examination of real markets and careful experimental studies fail to verify the new theories and suggest instead that markets are more robust than previously imagined. The failure to verify the new theories suggests promising new frontiers for research. Market Failure or Success is required reading for all who seek to better understand one of the most exciting debates in economics today.

Product Details

ISBN-13:
9781843760252
Publisher:
Elgar, Edward Publishing, Inc.
Publication date:
02/01/2003
Series:
In Association with the Independent Institute Series
Pages:
384
Product dimensions:
6.30(w) x 9.06(h) x (d)

Table of Contents

Figures
Tables
Acknowledgements
Introduction
1Introduction3
Pt. INew Market Failure Theories
2Toward a general theory of wage and price rigidities and economic fluctuations31
3Keynesian economics and critique of first fundamental theorem of welfare economics41
4The market for 'lemons': quality uncertainty and the market mechanism66
5Path dependence, its critics and the quest for 'historical economics'79
Pt. 2Theoretical Responses
6Information and efficiency: another viewpoint107
7Efficiency wage models of unemployment: one view121
8Do informational frictions justify federal credit programs?148
9The demand for and supply of assurance172
Pt. 3Empirical and Experimental Responses
10Beta, Macintosh and other fabulous tales195
11Some evidence on the empirical significance of credit rationing209
12An empirical examination of information barriers to trade in insurance239
13A direct test of the 'lemons' model: the market for used pickup trucks269
14Public choice experiments275
15Non-prisoner's dilemma288
16Group size and the voluntary provision of public goods: experimental evidence utilizing large groups293
17Cooperation in public-goods experiments: kindness or confusion?326
Index347

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