Market Microstructure: Intermediaries and the Theory of the Firm (Paperback)

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Description


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.


Product Details
ISBN: 9780521659789
ISBN-10: 0521659787
Publisher: Cambridge University Press
Publication Date: April 13th, 1999
Pages: 408
Language: English