Market microstructure
intermediaries and the theory of the firm
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Author
Publication
1998 - Cambridge University Press, Cambridge, New York (State)
Language
English
Word Count
93,500 words, Guess
Page Count
374 pages
Identifiers
- Open LibraryOL373016M
- ISBN-100521650259
- OCLC Control Number504408389
- OCLC Control Numbermarketmicrostruc00spul_732
- Library of Congress Control Number98034680
and 2 more
- Goodreads664878
- LibraryThing4406579
Classifications
- LCCHD2326 .S72 1998
Description
This book presents a theory of the firm based on its economic role as an intermediary between customers and suppliers. Professor Spulber demonstrates how the intermediation theory of the firm explains firm formation by showing why firms arise in a market equilibrium with costly transactions. In addition, the theory helps explain how markets work by showing how firms select market-clearing prices. Models of intermediation and market microstructure from microeconomics and finance shed considerable light on the formation and market-making activities of firms. The intermediation theory of the firm is compared with existing economic theories of the firm, including neoclassical, industrial-organization, transaction-cost, and principal-agent models.
First Sentence
Firms create and manage markets by acting as intermediaries between buyers and sellers.
Subjects
Other Editions
- Market microstructure: intermediaries and the theory of the firm
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