Book•
Intermediate microeconomics : A modern approach
01 Jan 2006-
TL;DR: The Varian approach as mentioned in this paper gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation, and is still the most modern presentation of the subject.
Abstract: This best-selling text is still the most modern presentation of the subject. The Varian approach gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation.
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TL;DR: In this paper, a probabilistic consumer choice framework based on information asymmetry between consumers and firms is developed, which makes it possible to study market competition of several firms by both quality and price of their products.
Abstract: We develop a probabilistic consumer choice framework based on information asymmetry between consumers and firms. This framework makes it possible to study market competition of several firms by both quality and price of their products. We find Nash market equilibria and other optimal strategies in various situations ranging from competition of two identical firms to firms of different sizes and firms which improve their efficiency.
8 citations
Book•
14 Jul 2011
TL;DR: In a context of growing uncertainty about the future of Europe's capital markets, the review of a fundamental piece of legislation such as the Markets in Financial Instruments Directive (MiFID) offers a significant opportunity to strengthen the role of the internal market and to regain investors' confidence.
Abstract: In a context of growing uncertainty about the future of Europe's capital markets, the review of a fundamental piece of legislation such as the Markets in Financial Instruments Directive (MiFID) offers a significant opportunity to strengthen the role of the internal market and to regain investors' confidence. MiFID regulates investment services across the 27 member states of the European Union plus Iceland, Norway, and Liechtenstein. It has changed the landscape of European capital markets in many ways, leading to a more competitive environment, huge investments in technologies, and greater investor protection. It has at the same time brought the EU and the U.S. markets closer together. This timely, well-documented report finds that the review of MiFID should clarify intended scopes, fill gaps in the legal text, and harmonize supervisory practices among member states. It should also make sure that the benefits of a new competitive environment are spread along the value chain and passed on to the final users, both retail and wholesale investors.
8 citations
01 Jan 2012
TL;DR: In this paper, a multisensual erlebnisorientierte marketing of Luxusgutern erfordert ein umfassendes Verstandnis der Treiber, auf die Kunden besonders emotional reagieren.
Abstract: Luxusmarken versprechen eine sinnliche Erfullung uber funktionale Produkteigenschaften und den reinen Besitz hinaus. Das erlebnisorientierte Marketing von Luxusgutern erfordert ein umfassendes Verstandnis der Treiber, auf die Kunden besonders emotional reagieren. Ziel des vorliegenden Beitrags ist die Identifikation moglicher Gestaltungsansatze, die im Rahmen der Schaffung multisensualer Erlebniswelten im Luxusgutermarketing von besonderer Bedeutung sind. Auf Basis des Zusammenspiels zwischen wahrgenommenen Nutzendimensionen einer Luxusmarke und multisensualer Konzepte der emotionalen Produkt- und Markendifferenzierung werden wesentliche Ansatzpunkte einer multisensualen Erlebniskommunikation im Luxusgutermarketing prasentiert.
8 citations
TL;DR: In this article, a simple model of market share dynamics with boundedly rational consumers and firms interacting with each other is studied. But the model is restricted to the case where the number of consumers is large, and it is characterized by a single parameter representing how rational the mass of consumers pursue higher utility.
Abstract: We study a simple model of market share dynamics with boundedly rational consumers and firms interacting with each other. As the number of consumers is large, we employ a statistical description to represent firms’ distribution of consumer share, which is characterized by a single parameter representing how rationally the mass of consumers pursue higher utility. As the boundedly rational firm does not know the shape of demand function it faces, it revises production and price so as to raise its profit with the aid of a simple reinforcement learning rule. Simulation results show that 1) three phases of market structure, i.e. the uniform-share phase, the oligopolistic phase, and the monopolistic phase, appear depending upon how rational consumers are, and 2) in an oligopolistic phase, the market-share distribution of firms follows Zipf’s law and the growth-rate distribution of firms follows Gibrat’s law, and 3) an oligopolistic phase is the best state of market in terms of consumers’ utility but brings the minimum profit to the firms because of severe competition based on the moderate rationality of consumers.
8 citations
01 Jan 2019
TL;DR: In this paper, the authors propose a social labor model for social labor.social labor.org.augmentation of the labor market.http://www.sociallabour.org/
Abstract: social labor
8 citations