This original, quantitatively oriented analysis applies the
theory of the core to define competition in order to describe and
deduce the consequences of competitive and non-competitive
behavior. Written by one of the world's leading mathematical
economists, the book is mathematically rigorous. No other book is
currently available giving a game theoretic analysis of competition
with basic mathematical tools.
Economic theorists have been working on a new and fundamental
approach to the theory of competition and market structure, an
approach inspired by appreciation of the earlier work of Edgeworth
and Bohm-Bawerk and making use of the new tools of the theory of
games as developed by von Neumann and Morgenstern. This new
approach bases itself on the analysis of competitive behavior and
its implications for the characteristics of market equilibrium
rather than on assumptions about the characteristics of competitive
and monopolistic markets. Its central concept is "the theory of the
core of the market," and it is concerned, with the conditions under
which markets will or will not achieve the characteristics of
uniform prices and welfare optimality.
Telser provides a number of insights into the symptoms of
competition, when and how competition is bought into play, the
mechanisms of competition and collusion, the results of competition
and collusion, and the results of competition and collusion for the
economy and for the general public. Many misconceptions about the
nature of a competitive equilibrium are dispelled. The book is not
only a mathematical analysis of core price theory but also contains
extensive empirical research in private industry. These empirical
findings, from research pursued over several years, enhance
understanding of how competition works and of the determinants of
the returns to manufacturing industries.
"Lester G. Telser" is professor emeritus of economics at the
University of Chicago. He is one of the world's leading
mathematical economists; he has been a Visiting Research Fellow,
Cowles Foundation for Research in Economics, Yale University; Ford
Foundation Faculty Research Fellow; and assistant professor of
economics, Iowa State University. In 2005 he received the St. Clair
Drake award from Roosevelt University.
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