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Competition, Collusion, and Game Theory (Hardcover)
Loot Price: R4,504
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Competition, Collusion, and Game Theory (Hardcover)
Expected to ship within 12 - 19 working days
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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.
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