IDEAS home Printed from https://ideas.repec.org/a/shc/jaresh/v3y2011i1p34-51.html
   My bibliography  Save this article

Market Institutions: An Expository Essay

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://www.jare-sh.com/downloads/abstract_mar_2011/singh.pdf
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    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," Review of Economic Studies, Oxford University Press, vol. 49(2), pages 203-216.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    More about this item

    Keywords

    market; institution; price; equilibrium; behavior; model;

    JEL classification:

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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:shc:jaresh:v:3:y:2011:i:1:p:34-51. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Claudiu Chiru). General contact details of provider: http://edirc.repec.org/data/fcuspro.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.