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Market Microstructure

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  • Spulber,Daniel F.

Abstract

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 how they arise in a market equilibrium. 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 to existing economic theories of the firm including the neoclassical, industrial organization, transaction cost, and principal-agent models.

Suggested Citation

  • Spulber,Daniel F., 1999. "Market Microstructure," Cambridge Books, Cambridge University Press, number 9780521650250, March.
  • Handle: RePEc:cup:cbooks:9780521650250
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    Cited by:

    1. Martina Eckardt & Solvig Räthke-Döppner, 2010. "The Quality of Insurance Intermediary Services-Empirical Evidence for Germany," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 77(3), pages 667-701.
    2. Hemant Patil, 2011. "Buyer–seller networks with demand shocks and intermediation," Review of Economic Design, Springer;Society for Economic Design, vol. 15(2), pages 121-145, June.
    3. Harald Wiese, 2012. "Values with exogenous payments," Theory and Decision, Springer, vol. 72(4), pages 485-508, April.
    4. Martin Peitz, 2006. "Marktplätze und indirekte Netzwerkeffekte," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 7(3), pages 317-333, August.
    5. Heidrun C. Hoppe & Emre Ozdenoren, 2002. "Intermediation in Innovation," CIG Working Papers FS IV 02-11, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
    6. Carlos Gutiérrez-Hita & Martin Peitz, 2001. "Retailer Locations, Local Supply And Price Policies," Working Papers. Serie AD 2001-26, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    7. Daniel F. Spulber, 2003. "The intermediation theory of the firm: integrating economic and management approaches to strategy," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 24(4), pages 253-266.
    8. Rodolfo Apreda, 2002. "Incremental cash flows, information sets and conflicts of interest," CEMA Working Papers: Serie Documentos de Trabajo. 220, Universidad del CEMA.
    9. Corentin Curchod, 2008. "Stratégies d’intermédiation et dynamiques de chaînes de valeur:leçons tirées de l’intermédiation électronique," Revue Finance Contrôle Stratégie, revues.org, vol. 11(2), pages 7-28, June.
    10. Rodolfo Apreda, 2001. "The Brokerage of Asymmetric Information," CEMA Working Papers: Serie Documentos de Trabajo. 190, Universidad del CEMA.
    11. Watanabe Watanabe, Makoto, 2006. "Middlemen: the visible market makers," UC3M Working papers. Economics we061002, Universidad Carlos III de Madrid. Departamento de Economía.

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