Essays On Networks And Markets
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Essays On Networks And Markets
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Author : Itay Perah Fainmesser
language : en
Publisher:
Release Date : 2010
Essays On Networks And Markets written by Itay Perah Fainmesser and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This thesis consists of three essays on the theory of networks and its applications to markets. The first essay develops a new model for studying repeated games in buyer-seller networks, and explores the connection between network structure and cooperation. The second essay introduces new techniques to analyze the effect of Word-Of-Mouth (WOM) on cooperation in networked markets. The third essay studies how network structure affects the timing of hiring in networked markets. Consider a large market with asymmetric information, in which sellers choose whether to cooperate or deviate and 'cheat' their buyers, and buyers decide whether to re-purchase from different sellers. In the first chapter I model active trade relationships as links in a buyer-seller network and suggest a framework for studying repeated games in such networks. I derive conditions that determine whether a network is a Steady State Cooperation Network (SSCN)--a network that is consistent with trade and trust between every buyer and seller that are connected. In particular, three network features increase the incentives for cooperation: sparseness, moderate competition, and segregation.
Essays On Networks And Market Design
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Author : Alexander Teytelboym
language : en
Publisher:
Release Date : 2013
Essays On Networks And Market Design written by Alexander Teytelboym and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Auctions categories.
Empirical Essays On Network Effects In Markets Phd
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Author : Supriya Sarnikar
language : en
Publisher:
Release Date : 2002
Empirical Essays On Network Effects In Markets Phd written by Supriya Sarnikar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
Networks Markets And The Pacific Rim
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Author : W. Mark Fruin
language : en
Publisher: Oxford University Press
Release Date : 1998-11-19
Networks Markets And The Pacific Rim written by W. Mark Fruin and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-11-19 with Business & Economics categories.
Despite the negative press Asian economies have received in connection with the recent financial crisis, their record of spectacular growth over the past few decades remains irrefutable. In an effort to provide a rich, textured analysis of these economies, editor W. Mark Fruin presents a collection of essays that explores the wide range of network organizations that have been established in the Pacific Rim. Conventional studies of economic organization have tended to center on markets and hierarchies, the two forms of organization most common in the West. But today the world moves too quickly and too unpredictably for the idealized organizations of microeconomic theory to keep up. It is no accident that the region that has generated the world's most explosive economic growth is also the region where network organizations--sets of independent actors who cooperate frequently for mutual advantage--are most pervasive. Rapid economic, social, and technical changes favor the formation of network organizations, and vice versa. The contributors to this volume identify and elucidate four basic types of networks: naturally occurring networks, market replacing networks, hierarchy replacing networks, and market enhancing networks. They show how all of these have been shaped by the history, government, legal system, and culture of each country under consideration. These network organizations allow the authors to compare and contrast network forms in China, Japan, South Korea, Taiwan, and the United States according to features such as degrees of formalization, rule definition, and market conformance. The works collected here make an important contribution to a networks-markets- hierarchies framework that recognizes and emphasizes the diversity of organizational forms and behaviors. A unique resource for scholars and professionals in the fields of management and economics, this book enables a complex analysis of one of the world's fastest growing and most theoretically challenging regions.
Three Essays On The Role Of Information Networks In Financial Markets
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Author : Swasti Gupta-Mukherjee
language : en
Publisher:
Release Date : 2007
Three Essays On The Role Of Information Networks In Financial Markets written by Swasti Gupta-Mukherjee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Capital market categories.
Based on previous evidence that there are information heterogeneities in capital markets, three essays including empirical frameworks for examining the information processes that impact portfolio investments and corporate investments was proposed. The first essay considers information channels among mutual fund managers (fund-fund networks), and between holding companies and fund managers (fund-company networks). Results show that (1) fund-fund (fund-company) information networks help in generating positive risk-adjusted returns from holdings in absence of fund-company (fund-fund) networks; (2) fund-company networks create information advantage only when the networks are relatively exclusive. Superior networks seem to pick stocks which outperform beyond the quarter. The second essay examines mutual fund managers' tendency to deviate from the strategies of their peers. Results indicate a significantly negative relationship between the managers' deviating tendency and fund performance, suggesting that the average fund manager is more likely to make erroneous decisions when they deviate from their peers. The third essay investigates the determinants of target choices in corporate acquisitions. Results reveal the influence of various factors, including information asymmetries, which may drive this behavior, including economic opportunities, anti-takeover regimes, competitive responses to other managers, and acquirers' size and book-to-market ratios.
Essays On Thin Markets Networks Bargaining
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Author :
language : en
Publisher:
Release Date : 2006
Essays On Thin Markets Networks Bargaining written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Essays On Economic Networks
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Author : Cristian Emerson Melo Sanchez
language : en
Publisher:
Release Date : 2013
Essays On Economic Networks written by Cristian Emerson Melo Sanchez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Electronic dissertations categories.
This thesis belongs to the growing field of economic networks. In particular, we develop three essays in which we study the problem of bargaining, discrete choice representation, and pricing in the context of networked markets. Despite analyzing very different problems, the three essays share the common feature of making use of a network representation to describe the market of interest. In Chapter 1 we present an analysis of bargaining in networked markets. We make two contributions. First, we characterize market equilibria in a bargaining model, and find that players' equilibrium payoffs coincide with their degree of centrality in the network, as measured by Bonacich's centrality measure. This characterization allows us to map, in a simple way, network structures into market equilibrium outcomes, so that payoffs dispersion in networked markets is driven by players' network positions. Second, we show that the market equilibrium for our model converges to the so called eigenvector centrality measure. We show that the economic condition for reaching convergence is that the players' discount factor goes to one. In particular, we show how the discount factor, the matching technology, and the network structure interact in a very particular way in order to see the eigenvector centrality as the limiting case of our market equilibrium. We point out that the eigenvector approach is a way of finding the most central or relevant players in terms of the "global" structure of the network, and to pay less attention to patterns that are more "local". Mathematically, the eigenvector centrality captures the relevance of players in the bargaining process, using the eigenvector associated to the largest eigenvalue of the adjacency matrix of a given network. Thus our result may be viewed as an economic justification of the eigenvector approach in the context of bargaining in networked markets. As an application, we analyze the special case of seller-buyer networks, showing how our framework may be useful for analyzing price dispersion as a function of sellers and buyers' network positions. Finally, in Chapter 3 we study the problem of price competition and free entry in networked markets subject to congestion effects. In many environments, such as communication networks in which network flows are allocated, or transportation networks in which traffic is directed through the underlying road architecture, congestion plays an important role. In particular, we consider a network with multiple origins and a common destination node, where each link is owned by a firm that sets prices in order to maximize profits, whereas users want to minimize the total cost they face, which is given by the congestion cost plus the prices set by firms. In this environment, we introduce the notion of Markovian traffic equilibrium to establish the existence and uniqueness of a pure strategy price equilibrium, without assuming that the demand functions are concave nor imposing particular functional forms for the latency functions. We derive explicit conditions to guarantee existence and uniqueness of equilibria. Given this existence and uniqueness result, we apply our framework to study entry decisions and welfare, and establish that in congested markets with free entry, the number of firms exceeds the social optimum.
Essays On Social Networks Markets And Politics
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Author : José Roberto Parra Segura
language : en
Publisher:
Release Date : 2010
Essays On Social Networks Markets And Politics written by José Roberto Parra Segura and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Essays On Reputation And Learning In Markets And Networks
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Author : Simpson Zhang
language : en
Publisher:
Release Date : 2016
Essays On Reputation And Learning In Markets And Networks written by Simpson Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This dissertation addresses key topics in the economic study of reputation and learning. Many real world interactions occur among agents who are only partially informed about the qualities of other agents. Therefore the agents must learn about each other over time as they interact. Over time, as more information is learned, a reputation will develop for an agent, and this reputation will inform the decisions of other agents to interact with them. Thus understanding the nature and impact of reputational e ects in dynamic settings is crucial in developing more realistic models of the world.
Essays On Network Games With Incomplete Information With Applications In Finance
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Author : Christian Matthew Leister
language : en
Publisher:
Release Date : 2015
Essays On Network Games With Incomplete Information With Applications In Finance written by Christian Matthew Leister and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This dissertations includes three (3) chapters, each adding to the growing network games literature that incorporates incomplete information. Financial over-the-counter markets give motivating applications. (1) "Trading Networks and Equilibrium Intermediation" studies the efficiency of trade in networks. A network of intermediaries facilitates exchange between buyers and a seller. Intermediary traders face a private trading cost, a network characterizes the set of feasible transactions, and an auction mechanism sets prices. Stable networks, which are robust to agents' collusive actions, exist when cost uncertainty is acute and multiple, independent trading relationships are valuable. A free-entry process governs the formation of equilibrium networks. Such networks feature too few intermediaries relative to the optimal market organization and they exhibit an asymmetric structure amplifying the shocks experienced by key intermediaries. (2) "Interdealer Trade: Risk, Liquidity, and the role of Market Inventory" further studies traders facing private shocks, placed in a dynamic setting. Trades between ex ante symmetric, inventory carrying intermediaries ("dealers") are motivated by divergent liquidity needs of the counter parties. Market prices and asset flows are pinned by dealers' indifference between providing intermediation services and retaining liquidity to be utilized in subsequent interdealer markets. More active interdealer markets simultaneously increase the value to intermediation and the option-value to providing these services. Under infrequent shocks, interdealer trade boosts the availability of liquidity in the broader market. This boost decays with market inventory, which serves as a constraint on interdealer activity. Through this market mechanism, prices vary inversely with both search frictions between dealers and on their total current holdings. (3) "Information Acquisition and Response in Peer-effects Networks" endogenizes the quality of information that market participants carry in a general peer effects model. When pairwise peer effects are symmetric, asymmetries in acquired information are inefficiently low relative to the utilitarian benchmark. And with information privately acquired, all players face strictly positive gains to overstating their informativeness as to strategically influence the beliefs and behaviors of neighbors. If strategic substitutes in actions are present and significant, low centrality players move against their signals in anticipation of their neighbors' actions. A blueprint for optimal policy design is developed. Applications to market efficiency in financial crises and two-sided markets are discussed.