Discovering Prices
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Discovering Prices
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Author : Paul Milgrom
language : en
Publisher: Columbia University Press
Release Date : 2017-05-23
Discovering Prices written by Paul Milgrom and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-23 with Business & Economics categories.
Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.
Prices And Knowledge
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Author : Esteban F. Thomsen
language : en
Publisher: Routledge
Release Date : 2002-01-22
Prices And Knowledge written by Esteban F. Thomsen and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-01-22 with Business & Economics categories.
First published in 1992. Routledge is an imprint of Taylor & Francis, an informa company.
Trading And Price Discovery For Crude Oils
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Author : Adi Imsirovic
language : en
Publisher: Palgrave Macmillan
Release Date : 2021-06-18
Trading And Price Discovery For Crude Oils written by Adi Imsirovic and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-18 with Business & Economics categories.
This is a book about the international oil market. It takes a historical perspective on how the market emerged, developed, and became what it is today—the biggest commodity market in the world. It is mature and complex, but far from perfect. Throughout most of its 150-year history, the oil market has been monopolised by companies and governments. For only a fraction of that, oil traded in a relatively free market. As a result, we had to live with ‘big oil’, economic shocks, high oil prices, instability and wars. Using a simple concept of market power, this book will explain the meaning of ‘oil price’ and how it is established while offering a valuable lesson for other commodities. Market power is the key to understanding the ‘price of oil’. This book uses a simple concept of price-makers and price-takers to examine the evolution of oil markets, their structure, and prices. The early decades of the oil industry were competitive with low barriers to entry. Barely 25 years later, the Standard Oil company created a refining monopoly, buying oil at its own ‘posted’ price. In the following century, the cartel of major oil companies, helped by their governments, did the same at the international level. OPEC helped producing governments regain control of their own resources, but the organisation was never able to retain a similar level of control. After 1986 price collapse, OPEC abdicated the price-making function in favour of the market. While it never gave up attempts to influence prices, OPEC had to link their official prices to one of the global oil benchmarks. Modern international oil markets function because of oil benchmarks such as Brent, WTI and Dubai. This book showcases: • How oil traders played a prominent role in development of the industry • How policies of consuming nations helped oil cartels • Why and how the US price of oil was negative • How AI has changed the way markets operate and the way in which the markets are likely to change in future This book explores how oil markets grew, functioned, and have occasionally failed to do their job. The ecosystem of derivatives or ‘paper barrels’ trading in far greater volume than physical oil plays a very important role in mitigating risk. With this core tenant, setting the ‘price of oil’ is explained in detail.
Transforming Agriculture In South Asia
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Author : Ashok K. Mishra
language : en
Publisher: Routledge
Release Date : 2020-12-29
Transforming Agriculture In South Asia written by Ashok K. Mishra and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-29 with Business & Economics categories.
Debates about public expenditure in the agricultural sector have reopened in many developing and emerging economies because of high budget deficits and changes in public opinion. As a result, agricultural policy in many of these countries is beginning to take a more market-oriented approach to agrarian problems, most notably through the introduction of contract farming. This book explores the policy issues around contract farming and its transformative potential and addresses the lack of empirical research on this topic by focusing on South Asia: principally India, Bangladesh and Nepal. The book first addresses the effects of contract farming (vertical coordination) on productivity, food security indicators (yield, consumption expenditures, prices), employment and input usage. Then it draws lessons from the South Asian case studies on the impact of institutional changes, like contract farming, on income and food security of smallholder households. The core of the book includes case study chapters on several commodities that are produced under contract farming, including vegetables and fisheries in Bangladesh, low-value crops in Nepal and coffee in India. Other chapters also explore contracts, storage, input usage and technical efficiency in these cases. This book serves as an essential guide to academics, researchers, students, legislative liaisons and think tank groups interested in agrarian issues, agricultural economics and agricultural policy in emerging economies and particularly in South Asia.
Discovering Classical Music Handel
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Author : Ian Christians
language : en
Publisher: Pen and Sword
Release Date : 2016-04-01
Discovering Classical Music Handel written by Ian Christians and has been published by Pen and Sword this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-01 with Music categories.
"I recommend this book wholeheartedly to new music lovers" Sir Charles Groves CBE Thanks to Nigel Kennedy and Pavarotti, millions of people have recently discovered that classical music is a highly enjoyable experience, perhaps contrary to their expectations. But the world of classical music can be highly intimidating and confusing. Ian Christians, for many years a passionate believer in broadening the interest in classical music, has developed a unique approach, designed to make it as easy as possible for both newcomers to classical music and those who have started down the path to explore with confidence. Discovering Classical Music concentrates on the greatest composers. The author takes you step-by-step into their most approachable music and, in some cases, boldly into some of the greatest works traditionally considered too difficult for newcomers. Rarely does a book offer such potential for continued enjoyment.This volume concentrates on the life, personality and music of Edward William Elgar.
Discovering Math For Global Learners 4
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Author :
language : en
Publisher: Rex Bookstore, Inc.
Release Date :
Discovering Math For Global Learners 4 written by and has been published by Rex Bookstore, Inc. this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Oil Discovery And Technical Change In Southeast Asia
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Author : Robert Fabrikant
language : en
Publisher: Institute of Southeast Asian
Release Date : 1973
Oil Discovery And Technical Change In Southeast Asia written by Robert Fabrikant and has been published by Institute of Southeast Asian this book supported file pdf, txt, epub, kindle and other format this book has been release on 1973 with Business & Economics categories.
The field report looks at the economic developments and regional industrial growth with the discovery of oil. It also discusses the different implications on regional political relations as a result of the quantity and geographical territories in which the oil was found. More specifically, the paper attempts a legal-empirical analysis of production sharing contracts in the Indonesian petroleum industry.
Discovering Computers 2001
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Author : Gary B. Shelly
language : en
Publisher: Cengage Learning
Release Date : 2000
Discovering Computers 2001 written by Gary B. Shelly and has been published by Cengage Learning this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Computers categories.
With the latest edition of this classroom success, Shelly and Cashman have successfully blended coverage of cutting-edge technology with core computer concepts to make learning about computers interesting and easy. Discovering Computers 2001: Concepts for a Connected World fosters online course development with its integration of the World Wide Web and enhanced end-of-chapter material supported by WebCT and CyberClass.
Discovering Music Theory The Abrsm Grade 1 Workbook
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Author : ABRSM
language : en
Publisher: Theory workbooks (ABRSM)
Release Date : 2020-10-08
Discovering Music Theory The Abrsm Grade 1 Workbook written by ABRSM and has been published by Theory workbooks (ABRSM) this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-08 with categories.
Economics Of Markets
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Author : Sabiou M. Inoua
language : en
Publisher: Springer Nature
Release Date : 2022-11-26
Economics Of Markets written by Sabiou M. Inoua and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-11-26 with Business & Economics categories.
This book establishes that neoclassical economics based on the marginal utility calculus failed to derive a theory of consumer market price discovery consistent with the experimental market evidence. Such markets involve inherently discrete final-demand items bought for consumption and not subject to resale. Classical economists following Adam Smith articulated a rich narrative of price discovery theory consistent with experimental evidence based on operational concepts of discrete demand values (maximum willingness-to-pay), and symmetrically, supply costs (minimum willingness-to-accept). We develop and extend a mathematical model of classical market price formation. Chapter 1 & 2 describes this theme and chapter 3 connects it with experiments. Chapter 4 builds on experimental examples for an intuitive overview of the theory. A partial equilibrium version of the theory constitutes Chapter 5. Chapter 6 extends this framework to price formation by wealth constrained agents in multiple-goods markets. Chapter 7 applies this framework to the study of re-tradable durable-goods and financial claims that are subject to sources of instability absent in markets for consumer non-durables.