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The Foundation of Market Quality Economics

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  • Makoto Yano

    (Kyoto Institute of Economic Research, Kyoto University)

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.

Suggested Citation

  • Makoto Yano, 2008. "The Foundation of Market Quality Economics," Keio/Kyoto Joint Global COE Discussion Paper Series 2008-001, Keio/Kyoto Joint Global COE Program.
  • Handle: RePEc:kei:dpaper:2008-001
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    References listed on IDEAS

    as
    1. Baumol, William J, 1982. "Contestable Markets: An Uprising in the Theory of Industry Structure," American Economic Review, American Economic Association, vol. 72(1), pages 1-15, March.
    2. Makoto Yano, 2006. "A price competition game under free entry," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 29(2), pages 395-414, October.
    3. BACCHIEGA, Emanuele & GABSZEWICZ, Jean J. & TAROLLA, Ornella, 2007. "Time-to-market in vertically differentiated industries," CORE Discussion Papers RP 2000, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    4. Rodolphe Dos Santos Ferreira & Frédéric Dufourt, 2007. "Free entry equilibria with positive profits: A unified approach to quantity and price competition games," International Journal of Economic Theory, The International Society for Economic Theory, vol. 3(2), pages 75-94.
    5. Ronald W. Jones, 1965. "The Structure of Simple General Equilibrium Models," Journal of Political Economy, University of Chicago Press, vol. 73, pages 557-557.
    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 & Takashi Komatsubara, 2006. "Endogenous price leadership and technological differences," International Journal of Economic Theory, The International Society for Economic Theory, vol. 2(3-4), pages 365-383.
    8. Miyoshi, Koyo, 2008. "Male-female wage differentials in Japan," Japan and the World Economy, Elsevier, vol. 20(4), pages 479-496, December.
    9. 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.
    10. 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.
    11. Makoto Yano & Fumio Dei, 2006. "Network externalities, discrete demand shifts, and submarginal-cost pricing," Canadian Journal of Economics, Canadian Economics Association, vol. 39(2), pages 455-476, May.
    12. 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.
    13. 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.
    14. 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.
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    Cited by:

    1. Krishnendu Ghosh DASTIDAR & YANO Makoto, 2017. "Corruption, Market Quality and Entry Deterrence in Emerging Economies," Discussion papers 17010, Research Institute of Economy, Trade and Industry (RIETI).
    2. Tetsuro Mizoguchi & Nguyen Van Quyen, 2014. "Corruption in Public Procurement Market," Pacific Economic Review, Wiley Blackwell, vol. 19(5), pages 577-591, December.
    3. Takashi Komatsubara, 2008. "Equilibrium Selection In The Yano Model Of Price Leadership," Pacific Economic Review, Wiley Blackwell, vol. 13(5), pages 649-655, December.
    4. Takuma Kunieda & Keisuke Okada & Akihisa Shibata, 2016. "Corruption, Financial Development and Economic Growth: Theory and Evidence From an Instrumental Variable Approach With Human Genetic Diversity," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 45(3), pages 353-392, November.
    5. Furukawa, Yuichi, 2010. "Intellectual property protection and innovation: an inverted-U relationship," Economics Letters, Elsevier, vol. 109(2), pages 99-101, November.
    6. Furukawa, Yuichi, 2013. "The struggle to survive in the R&D sector: Implications for innovation and growth," Economics Letters, Elsevier, vol. 121(1), pages 26-29.
    7. Hon Foong Cheah, 2016. "Does foreign media entry discipline or provoke local media bias?," International Journal of Economic Theory, The International Society for Economic Theory, vol. 12(4), pages 335-359, December.
    8. Wanida Ngienthi, 2013. "Offshoring Prompts High Quality Labour Markets," Pacific Economic Review, Wiley Blackwell, vol. 18(5), pages 628-643, December.
    9. Yuichi Furukawa, 2015. "Leapfrogging cycles in international competition," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 59(2), pages 401-433, June.
    10. Takuma Kunieda & Akihisa Shibata, 2014. "Credit Market Imperfections and Macroeconomic Instability," Pacific Economic Review, Wiley Blackwell, vol. 19(5), pages 592-611, December.
    11. Yunfang Hu & Kazuo Mino, 2014. "Capital Accumulation and Structural Change in a Small Open Economy," Pacific Economic Review, Wiley Blackwell, vol. 19(5), pages 634-656, December.
    12. Furukawa, Yuichi & Lai, Tat-kei & Sato, Kenji, 2017. "Receptivity and Innovation," MPRA Paper 81536, University Library of Munich, Germany.
    13. Makoto Yano & Takashi Komatsubara, 2014. "Participation of Ordinary Investors and Stock Market Quality: A Comparison between Japanese and US Markets," Pacific Economic Review, Wiley Blackwell, vol. 19(5), pages 537-558, December.
    14. Krishnendu Ghosh Dastidar & Fumio Dei, 2014. "Introduction to the Special Issue of Pacific Economic Review on Market Quality Economics," Pacific Economic Review, Wiley Blackwell, vol. 19(5), pages 531-536, December.
    15. Sarbajit Chaudhuri & Krishnendu Ghosh Dastidar, 2014. "Corruption, Efficiency Wage and Union Leadership," Pacific Economic Review, Wiley Blackwell, vol. 19(5), pages 559-576, December.
    16. Noriaki Matsushima & Fumitoshi Mizutani, 2014. "How Does Market Size Affect Vertical Structure When Considering Vertical Coordination? Application to the Railway Industry," Pacific Economic Review, Wiley Blackwell, vol. 19(5), pages 657-676, December.
    17. Lioudmila Savtchenko, 2010. "Foreign devaluation as a coordinating device of heterogeneous investors: A game-theoretic analysis of financial contagion," International Journal of Economic Theory, The International Society for Economic Theory, vol. 6(2), pages 195-204.
    18. Hiroshi Daisaka & Taiji Furusawa & Noriyuki Yanagawa, 2014. "Globalization, Financial Development and Income Inequality," Pacific Economic Review, Wiley Blackwell, vol. 19(5), pages 612-633, December.

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