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Firms, prices, and markets

Author: Van Zandt, Timothy INSEAD Area: Economics and Political SciencePublisher: 2006Language: EnglishDescription: 309 p. : Graphs ; 30 cm.Type of document: BookBibliography/Index: Includes bibliographical references
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Asia Campus
Archives
Print HB172 .V36 2006
(Browse shelf)
900177283
Available 900177283
Total holds: 0

Includes bibliographical references

Digitized

Table of Contents Firms, Prices and Markets Firms. Prices and Markets Math Review M.l M.2 M.3 M.4 M.5 M.6 M.7 M.8 ................................... Functions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Graphs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inverse of a function . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The inverse of a linear function . . . . . . . . . . . . . . . . . . . . . . . . . Some nonlinear functions . . . . . . . . . ; . . . . . . . . . . . . . . . . . Slope of a linear function . . . . . . . . . . . . . . . . . . . . . . . . . . . . Slope of a nonlinear function . . . . . . . . . . . . . . . . . . . . . . . . . . What math? Preliminaries Analytic Methods for Managerial Decision Making P.l P.2 P.3 P.4 P . 5 P.6 P.7 ............................. The economist's notion of models . . . . . . . . . . . . . . . . . . . . . . . Smooth approximations . . . . . . . . . . . . . . . . . . . . . . . . . . . . Decompositionof decision problems . . . . . . . . . . . . . . . . . . . . . Marginal analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The mathematics of marginal analysis . . . . . . . . . . . . . . . . . . . . . Wrap-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Motives and objectives Motives and objectives Efficiency 1 Gains from Trade 11 1.2 1.3 . ............................. .................................... .......................... Valuation. cost. and surplus One buyer and one seller 1.4 1.5 1.6 1.7 1.8 ............................ Many buyers and many sellers . . . . . . . . . . . . . . . . . . . . . . . . . Very many buyers and very many sellers . . . . . . . . . . . . . . . . . . . Sources of gains from trade . . . . . . . . . . . . . . . . . . . . . . . . . . Wrap-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Motives and objectives 2 Supply. Demand. and Markets ............................. 2.2 Bargaining: One buyer and one seller . . . . . . . . . . . . . . . . . . . . . 2.3 Many buyers and many sellers: Equilibrium . . . . . . . . . . . . . . . . . . 2.4 Demand and supply: Graphical analysis . . . . . . . . . . . . . . . . . . . . 2.5 Consumer and producer surplus . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Gains from trade in equilibrium . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Taxes on transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 Wrap-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Additional Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 3 Consumer Choice and Demand ............................. Interpretation of demand functions and curves . . . . . . . . . . . . . . . 3.2 3.3 Elasticity of demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Elasticity: Why 1 is a special value . . . . . . . . . . . . . . . . . . . . . . . 3.4 Elasticity of special demand curves . . . . . . . . . . . . . . . . . . . . . . 35 . The reality of estimation of demand . . . . . . . . . . . . . . . . . . . . . . 3.6 A model of consumer choice and welfare . . . . . . . . . . . . . . . . . . . 3.7 3.8 Wrap-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Additional Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 Motives and objectives 4 Production and Costs 4.1 4.2 4.3 Motives and objectives ............................. Short run and long run in production . . . . . . . . . . . . . . . . . . . . . .......................... 4.4 Economies of scale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 A typical cost curve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . When are fixed costs important? . . . . . . . . . . . . . . . . . . . . . . . . 4.6 Pitfalls to avoid regarding fixed costs . . . . . . . . . . . . . . . . . . . . . 4.7 The leading examples of cost curves . . . . . . . . . . . . . . . . . . . . . . 4.8 4.9 Wrap.up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Additional Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . What to include in the costs 5 Competitive Supply and Market Price 5.1 Motives and objectives 5.2 ............................. Supply and equilibrium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 . 5.4 5.5 5.6 ...................... Aggregate supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Equilibrium profits and very competitive markets . . . . . . . . . . . . . . An individual firm's supply decision Variable input prices .............................. 5.7 Wrap-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Additional Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Short-Run Costs and Prices ............................. 6.2 Short-runvs.long-run cost . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3 Law of diminishing return . . . . . . . . . . . . . . . . . . . . . . . . . . . Short-runvs.long-run price and output decisions . . . . . . . . . . . . . . 6.4 Short-run volatility in competitive industries . . . . . . . . . . . . . . . . . 6.5 6.6 Overshooting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7 A capacity-constraint model . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8 Wrap-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Additional Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1 Motives and objectives 7 Pricing with Market Power 7.1 7.2 7.3 ............................. From cost and demand to revenue and profit . . . . . . . . . . . . . . . . . Motives and objectives Profit-maximizing output level ......................... 7.4 Profit maximization versus social efficiency . . . . . . . . . . . . . . . . . . The effect of a long-run fixed cost . . . . . . . . . . . . . . . . . . . . . . . 7.5 7.6 Wrap-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Additional Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 How Pricing Depends on the Demand Curve ............................. 8.2 A case where the price does not change . . . . . . . . . . . . . . . . . . . 8.3 Marginal revenue and elasticity . . . . . . . . . . . . . . . . . . . . . . . . 8.4 The effect of an increase in marginal cost . . . . . . . . . . . . . . . . . . . 8.5 The price-sensitivity effect . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6 The volume effect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7 Combining the price-sensitivity and volume effects . . . . . . . . . . . . . 8.8 Wrap.up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Additional Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 Motives and objectives 9 Explicit Market Segmentation 9.1 9.2 9.3 9.4 ........................... Requirementsfor explicit market segmentation . . . . . . . . . . . . . . . Different prices for different segments . . . . . . . . . . . . . . . . . . . . Wrap.up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Motivation and objectives 10 Implicit Market Segmentation (Screening) 10.1 10.2 10.3 10.4 10.5 10.6 10.7 10.8 ............................. Perfect price discrimination with unit demand . . . . . . . . . . . . . . . . Screening: basic framework . . . . . . . . . . . . . . . . . . . . . . . . . . Differentiated products as screening . . . . . . . . . . . . . . . . . . . . . Motives and objectives Example: Softwareversioning Example: Airlines Bundling ......................... ................................ ..................... Intertemporal product differentiation ..................................... 10.9 Wrap-up . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . Additional Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Nonlinear Pricing 11.1 11.2 11.3 11.4 ........................... Perfect price discrimination. revisited . . . . . . . . . . . . . . . . . . . . . More on nonlinear pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . An example of nonlinear pricing as screening . . . . . . . . . . . . . . . . Motivation and objectives ................................. 11.6 "Degrees" of price discrimination . . . . . . . . . . . . . . . . . . . . . . . Additional Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.5 Two-part tariffs 12 Static Games and Nash Equilibiium 12.1 12.2 12.3 12.4 12.5 12.6 12.7 ............................. Players. actions. and timing . . . . . . . . . . . . . . . . . . . . . . . . . . . PayofTs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dominant strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Best responses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Equilibrium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Wrap-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Motives and objectives Motivationand objectives 13 Imperfect Competition 13.1 13.2 13.3 13.4 13.5 13.6 13.7 ........................... Price competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Price competition with perfect substitutes . . . . . . . . . . . . . . . . . . Cournot model: Quantity competition . . . . . . . . . . . . . . . . . . . . Quantity vs. price competition . . . . . . . . . . . . . . . . . . . . . . . . . Imperfect competition with free entry . . . . . . . . . . . . . . . . . . . . . Wrap-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........................... Positive and negative externalities . . . . . . . . . . . . . . . . . . . . . . . Individualvs. collective action . . . . . . . . . . . . . . . . . . . . . . . . . Achieving cooperation through repeated interaction . . . . . . . . . . . . Wrap-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................. Sequential games . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stackelberg games . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stackelberg games with numerical actions . . . . . . . . . . . . . . . . . . Comparisons between Nash and Stackelberg . . . . . . . . . . . . . . . . . Examples using the basic principles . . . . . . . . . . . . . . . . . . . . . . Strategic commitment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Wrap-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Motives and objectives Motivesand objectives 14 Explicit and Implicit Cooperation 14.1 Motivationand objectives 14.2 14.3 14.4 14.5 15 Strategic Commitment 15.1 15.2 15.3 15.4 15.5 15.6 15.7 15.8 16 Games with Incomplete Information 16.1 16.2 16.3 ............................. .................................. Privatevalues Auctions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.4 Reputation and grains of doubt ........................ 278 285 17 Network Externalities 17.1 Motives and objectives 17.2 17.3 17.4 17.5 ............................. A two-consumer example . : . . . . . . . . . . . . . . . . . . . . . . . . . Large markets: A linear example . . . . . . . . . . . . . . . . . . . . . . . . A nonlinear example with multiple equilibria . . . . . . . . . . . . . . . . . Wrap-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285 287 291 299 308

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