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. The first systematic analysis of these
important new theories, Market Failure or Success is required
reading for all who seek to better understand one of the most
exciting debates in economics today.
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