Market Failure or Success

Edited by Tyler Cowen and Eric Crampton ()

in Books from Edward Elgar Publishing

Abstract: Recent years have seen the development of new theories of market failure based on asymmetric information and network effects. According to the new paradigm, we can expect substantial failure in the markets for labor, credit, insurance, software, new technologies and even used cars, to give but a few examples. This volume brings together the key papers on the subject, including classic papers by Joseph Stiglitz, George Akerlof and Paul David. The book provides powerful theoretical and empirical rebuttals challenging the assumptions of these new models and questioning the usual policy conclusions. It goes on to demonstrate how an examination of real markets and careful experimental studies are unable to verify the new theories. New frontiers for research are also suggested.

Keywords: Economics and Finance (search for similar items in EconPapers)
JEL-codes: D0 L0 (search for similar items in EconPapers)
Date: 2002
ISBN: 9781843760252
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Citations: View citations in EconPapers (19)

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Chapters in this book:

Ch 1 Introduction

.

Ch 2 Toward a general theory of wage and price rigidities and economic fluctuations

.

Ch 3 Keynesian economics and critique of first fundamental theorem of welfare economics

Joseph Stiglitz

Ch 4 The market for 'lemons': quality uncertainty and the market mechanism

Joseph Stiglitz

Ch 5 Path dependence, its critics and the quest for 'historical economics'

George Akerlof

Ch 6 Information and efficiency: another viewpoint

.

Ch 7 Efficiency wage models of unemployment: one view

Harold Demsetz

Ch 8 Do informational frictions justify federal credit programs?

H. Lorne Carmichael

Ch 9 The demand for and supply of assurance

Stephen D. Williamson

Ch 10 Beta, Macintosh and other fabulous tales

.

Ch 11 Some evidence on the empirical significance of credit rationing

Stan J. Liebowitz and Stephen E. Margolis

Ch 12 An empirical examination of information barriers to trade in insurance

Allen N. Berger and Gregory F. Udell

Ch 13 A direct test of the 'lemons' model: the market for used pickup trucks

John Cawley and Tomas Philipson

Ch 14 Public choice experiments

Eric W. Bond

Ch 15 Non-prisoner's dilemma

Elizabeth Hoffman

Ch 16 Group size and the voluntary provision of public goods: experimental evidence utilizing large groups

Gordon Tullock

Ch 17 Cooperation in public-goods experiments: kindness or confusion?

R. Isaac, James Walker and Arlington W. Williams

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