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The Foundation Of Market Quality Economics

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  • MAKOTO YANO

Abstract

This study is based on my observation that high quality markets are indispensable for the healthy growth of a modern economy. Many problems surrounding markets are attributable to the lack of high quality markets. An industrial revolution creates extremely vibrant but unhealthy markets. This study introduces a concept of fairness in dealing and pricing (competitive fairness), which differs from efficiency, and define market quality as a measure for the efficiency of allocation and the fairness of dealing and pricing. This study shows that competitive fairness is achieved by several market mechanisms that I constructed in my previous work.

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Bibliographic Info

Article provided by Japanese Economic Association in its journal Japanese Economic Review.

Volume (Year): 60 (2009)
Issue (Month): 1 ()
Pages: 1-32

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Handle: RePEc:bla:jecrev:v:60:y:2009:i:1:p:1-32

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References

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  1. Makoto Yano, 2005. "Coexistence of large firms and less efficient small firms under price competition with free entry," International Journal of Economic Theory, The International Society for Economic Theory, vol. 1(3), pages 167-188.
  2. Anthony Creane, 2007. "Note on uncertainty and socially excessive entry," International Journal of Economic Theory, The International Society for Economic Theory, vol. 3(4), pages 329-334.
  3. Yano, Makoto, 1984. "The turnpike of dynamic general equilibrium paths and its insensitivity to initial conditions," Journal of Mathematical Economics, Elsevier, vol. 13(3), pages 235-254, December.
  4. Ronald W. Jones, 1965. "The Structure of Simple General Equilibrium Models," Journal of Political Economy, University of Chicago Press, vol. 73, pages 557.
  5. Michio Naoi & Kazuto Sumita & Miki Seko, 2007. "Earthquakes and the Quality of Life in Japan," Journal of Property Research, Taylor & Francis Journals, vol. 24(4), pages 313-334, December.
  6. Emanuele Bacchiega & Jean J. Gabszewicz & Ornella Tarola, 2007. "Time-to-market in vertically differentiated industries," International Journal of Economic Theory, The International Society for Economic Theory, vol. 3(4), pages 279-295.
  7. Makoto Yano, 2006. "A price competition game under free entry," Economic Theory, Springer, vol. 29(2), pages 395-414, October.
  8. Makoto Yano, 2008. "Competitive fairness and the concept of a fair price under Delaware law on M&A," International Journal of Economic Theory, The International Society for Economic Theory, vol. 4(2), pages 175-190.
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Cited by:
  1. Yunfang Hu & Kazuo Mino, 2014. "Capital Accumulation and Structural Change in a Small-Open Economy," KIER Working Papers 900, Kyoto University, Institute of Economic Research.
  2. Furukawa, Yuichi, 2010. "Intellectual property protection and innovation: an inverted-U relationship," Economics Letters, Elsevier, vol. 109(2), pages 99-101, November.
  3. Chaudhuri, Sarbajit & Ghosh Dastidar, Krishnendu, 2014. "Corruption, efficiency wage and union leadership," MPRA Paper 57050, University Library of Munich, Germany.
  4. Furukawa, Yuichi, 2013. "The Struggle to Survive in the R&D Sector: Implications for Innovation and Growth," MPRA Paper 47728, University Library of Munich, Germany.

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