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Market Institutions: An Expository Essay

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  • NIRVIKAR SINGH

Abstract

This essay provides an elementary, unified introduction to the models of market institutions that go beyond the competitive model of price-taking behavior on both sides of the market. Several models of market institutions that govern price determination are explored and compared, including contracting, posted prices, bilateral bargaining, middlemen, and auctions. While equilibrium models still do not capture the full possibilities for market behavior, modeling specific market institutions reduces the level of abstraction inherent in the standard competitive model.

Suggested Citation

  • Nirvikar Singh, 2011. "Market Institutions: An Expository Essay," Journal of Academic Research in Economics, Spiru Haret University, Faculty of Accounting and Financial Management Constanta, vol. 3(1 (March)), pages 34-51.
    • Handle: RePEc:shc:jaresh:v:3:y:2011:i:1:p:34-51
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    References listed on IDEAS

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    1. Singh, Nirvikar, 2010. "Uncertainty and Information: An Expository Essay," MPRA Paper 21556, University Library of Munich, Germany.
    2. R. Manning & P. B. Morgan, 1982. "Search and Consumer Theory," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 49(2), pages 203-216.
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    Cited by:

    1. Singh, Nirvikar, 2010. "Transaction, Search and Switching Costs: An Expository Essay," MPRA Paper 21558, University Library of Munich, Germany.
    2. Singh, Nirvikar, 2010. "Uncertainty and Information: An Expository Essay," MPRA Paper 21556, University Library of Munich, Germany.

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    More about this item

    Keywords

    market; institution; price; equilibrium; behavior; model;
    All these keywords.

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

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