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An Economic Theory of Managerial Firms
The separation between ownership and control has become common practice over the last century, in most medium and large firms across the world. Throughout the twentieth century, the theory of the firm and the theory of industrial organization developed parallel and complementary views on managerial firms. This book offers a comprehensive exposition of this debate. In its survey of strategic delegation in oligopoly games, An Economic Theory of Managerial Firms is able to offer a reinterpretation of a range of standard results in the light of the fact that the control of firms is generally not in the hand of its owners. The theoretical models are supported by a wealth of real-world examples, i...
Differential Games in Industrial Economics
Game theory has revolutionised our understanding of industrial organisation and the traditional theory of the firm. Despite these advances, industrial economists have tended to rely on a restricted set of tools from game theory, focusing on static and repeated games to analyse firm structure and behaviour. Luca Lambertini, a leading expert on the application of differential game theory to economics, argues that many dynamic phenomena in industrial organisation (such as monopoly, oligopoly, advertising, R&D races) can be better understood and analysed through the use of differential games. After illustrating the basic elements of the theory, Lambertini guides the reader through the main models, spanning from optimal control problems describing the behaviour of a monopolist through to oligopoly games in which firms' strategies include prices, quantities and investments. This approach will be of great value to students and researchers in economics and those interested in advanced applications of game theory.
The Economics of Vertically Differentiated Markets
'This is a high-quality book on an important and central topic in the theory of industrial organisation. It is a cohesive and extremely well written volume which is destined to become a standard work on the subject.' - Mark Casson, University of Reading, UK This original new book offers a comprehensive and engaging perspective on the theory of vertical differentiation. It enables the reader to grasp the key concepts and effects that product quality has both on firms' behaviour and market structure, and the ways in which this relationship has evolved. With contributions from prominent figures in the field, the book investigates a number of important topics, such as the choice of the optimal p...
Game Theory in the Social Sciences
Individuals, firms, governments and nations behave strategically, for good and bad. Over the last few decades, game theory has been constructed and progressively refined to become the major tool used by social scientists to understand, predict and regulate strategic interaction among agents who often have conflicting interests. In the surprisingly anodyne jargon of the theory, they ‘play games’. This book offers an introduction to the basic tools of game theory and an overview of a number of applications to real-world cases, covering the areas of economics, politics and international relations. Each chapter is accompanied by some suggestions about further reading.
Oligopoly, the Environment and Natural Resources
Industrial production and consumption patterns rely heavily on the intensive use of both renewable and non-renewable resources and the consequences for the environment can be serious. Following a long period of time where the profit incentives of firms have prevailed over preservation of the environment and the world’s natural resources, a new consensus has emerged concerning the need to regulate firm behaviour, aimed at ensuring the sustainability of the economic system in the long run. This book offers an exhaustive overview of current economic debate about these topics, taking modern oligopoly theory as a benchmark. The first part of the book covers static models dealing with incentives...
The Economics of Innovation
A collection of original research papers by a number of industrial organization economists active in the field of Research and Development theory and policy. It covers patent policy, the effects of market structure and the internal organization of the firm on R&D incentives and technical progress, and R&D cooperation and technological spillovers.
Firms' Objectives and Internal Organisation in a Global Economy
The interplay between firms’ internal organization and market behaviour is a long standing issue in industrial economics. This book examines firms’ objectives in the comparatively new perspective shaped by globalization. The positive and normative aspects of theoretical analysis are developed and richly complemented by empirical studies.
