THE FOUNDATION OF MARKET QUALITY ECONOMICS*

Makoto Yano

The Japanese Economic Review, 2009, vol. 60, issue 1, 1-32

Abstract: This study is based on my observation that high quality markets are indispensable for the healthy growth of a modern economy. Many problems surrounding markets are attributable to the lack of high quality markets. An industrial revolution creates extremely vibrant but unhealthy markets. This study introduces a concept of fairness in dealing and pricing (competitive fairness), which differs from efficiency, and defines market quality as a measure for the efficiency of allocation and the fairness of dealing and pricing. This study shows that competitive fairness is achieved by several market mechanisms that I constructed in my previous work.

Date: 2009
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https://doi.org/10.1111/j.1468-5876.2008.00471.x

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Working Paper: The Foundation of Market Quality Economics (2008)
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