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Power

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Author Info
Samuel Bowles ()
Herbert Gintis ()

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Abstract

We consider the exercise of power in competitive markets for goods, labour and credit. We offer a definition of power and show that if contracts are incomplete it may be exercised either in Pareto-improving ways or to the disadvantage of those without power. Contrasting conceptions of power including bargaining power, market power, and consumer sovereignty are considered. Because the exercise of power may alter prices and other aspects of exchanges, abstracting from power may miss essential aspects of an economy. The political aspect of private exchanges challenges conventional ideas about the appropriate roles of market and political competition in ensuring the efficiency and accountability of economic decisions

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File URL: http://www.econ-pol.unisi.it/quaderni/495.pdf
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Paper provided by Department of Economics, University of Siena in its series Department of Economics University of Siena with number 495.

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Date of creation: Jan 2007
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Handle: RePEc:usi:wpaper:495

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Find related papers by JEL classification:
D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior
D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances
D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law

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  1. Chichilnisky, Graciela & Heal, Geoffrey, 1984. "Patterns of power: bargaining and incentives in two-person games," Journal of Public Economics, Elsevier, vol. 23(3), pages 333-349, April. [Downloadable!] (restricted)
  2. Aghion, Philippe & Tirole, Jean, 1997. "Formal and Real Authority in Organizations," Journal of Political Economy, University of Chicago Press, vol. 105(1), pages 1-29, February.
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  3. Basu, Kaushik, 1986. "One Kind of Power," Oxford Economic Papers, Oxford University Press, vol. 38(2), pages 259-82, July. [Downloadable!] (restricted)
  4. Klein, Benjamin & Leffler, Keith B, 1981. "The Role of Market Forces in Assuring Contractual Performance," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 615-41, August. [Downloadable!] (restricted)
  5. Rotemberg, Julio J, 1993. "Power in Profit-Maximizing Organizations," Journal of Economics & Management Strategy, Blackwell Publishing, vol. 2(2), pages 165-98, Summer.
  6. Lloyd S. Shapley & Martin Shubik, 1964. "Ownership and the Production Function," Cowles Foundation Discussion Papers 167, Cowles Foundation, Yale University. [Downloadable!]
  7. Lerner, Abba P, 1972. "The Economics and Politics of Consumer Sovereignty," American Economic Review, American Economic Association, vol. 62(2), pages 258-66, May. [Downloadable!] (restricted)
  8. Lundberg, Shelly & Pollak, Robert A, 1994. "Noncooperative Bargaining Models of Marriage," American Economic Review, American Economic Association, vol. 84(2), pages 132-37, May. [Downloadable!] (restricted)
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