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The study of industrial organization extends to the core of some of the most important questions of economics: Who controls markets and profits from them? Does competition or monopoly result in a more beneficial economy? How can the economic playing field become fairer or more biased in either direction? Throughout the fields history, various clashing schools of thought have attempted to sort through these complex issues, examining both abstract theory and real-life cases. The Fifth Edition of this widely used, highly regarded text includes coverage of dramatic changes in the field. Shepherd and Shepherd provide broad, balanced coverage of topics without showing preference to any single point of view, encouraging readers to think independently. This emphasis on independent judgment is evident throughout the book, with discussion of structure placed before performance to assist the reader in thinking about causation. Topics are organized for maximum flexibility, with distinct chapters covering case studies, antitrust and regulation policy, and capital markets.
An issue-driven introduction to industrial organization, thoroughly updated and revised. The study of industrial organization (IO)—the analysis of the way firms compete with one another—has become a key component of economics and of such related disciplines as finance, strategy, and marketing. This book provides an issue-driven introduction to industrial organization. Although formal in its approach, it is written in a way that requires only basic mathematical training. It includes a vast array of examples, from both within and outside the United States. This second edition has been thoroughly updated and revised. In addition to updated examples, this edition presents a more systematic treatment of public policy implications. It features added advanced sections, with analytical treatment of ideas previously presented verbally; and exercises, which allow for a deeper and more formal understanding of each topic. The new edition also includes an introduction to such empirical methods as demand estimation and equilibrium identification. Supplemental material is available online.
This is the eBook of the printed book and may not include any media, website access codes, or print supplements that may come packaged with the bound book. Industrial Organization: Theory and Practice–which features early coverage of Antitrust–punctuates its modern introduction to industrial organization with relevant empirical data and case studies to show readers how to apply theoretical tools.
As most economies remain caught in a global recession, that shows little sign of abatement, the importance of maintaining a flourishing industrial sector for the economic wellbeing of a country has rarely been so relevant. Industrial Organisation has long served as a basic introduction to this subject. The book is concerned with economic problems and policy issues that arise from the activities of firms. The authors reject the traditional micro-economic analysis of market structure in favour of studying conduct and performance in the context of macro-economic policy and the environment which this provides for firms. Substantially revised and updated to take account of developments in the subject since the publication of the last edition, Industrial Organization includes four new chapters which reflect the major new areas of interest in industrial economics over the last decade. These include the increasing importance of the service sector and problems of relatively low productivity growth within this, and questions relating to increased levels of international competition in a more open world economy. This is a comparative study, drawing on empirical evidence from the UK, USA and the EC. Mathematical and econometric requirements are kept to a minimum, and the text has long been regarded as the most accessible introduction to the subject.
The Theory of Industrial Organization is the first primary text to treat the new industrial organization at the advanced-undergraduate and graduate level. Rigorously analytical and filled with exercises coded to indicate level of difficulty, it provides a unified and modern treatment of the field with accessible models that are simplified to highlight robust economic ideas while working at an intuitive level. To aid students at different levels, each chapter is divided into a main text and supplementary section containing more advanced material. Each chapter opens with elementary models and builds on this base to incorporate current research in a coherent synthesis. Tirole begins with a background discussion of the theory of the firm. In Part I he develops the modern theory of monopoly, addressing single product and multi product pricing, static and intertemporal price discrimination, quality choice, reputation, and vertical restraints. In Part II, Tirole takes up strategic interaction between firms, starting with a novel treatment of the Bertrand-Cournot interdependent pricing problem. He studies how capacity constraints, repeated interaction, product positioning, advertising, and asymmetric information affect competition or tacit collusion. He then develops topics having to do with long term competition, including barriers to entry, contestability, exit, and research and development. He concludes with a "game theory user's manual" and a section of review exercises. Important Notice: The digital edition of this book is missing some of the images found in the physical edition.
Industrial Organization: Markets and Strategies provides an up-to-date account of modern industrial organization that blends theory with real-world applications. Written in a clear and accessible style, it acquaints the reader with the most important models for understanding strategies chosen by firms with market power and shows how such firms adapt to different market environments. It covers a wide range of topics including recent developments on product bundling, branding strategies, restrictions in vertical supply relationships, intellectual property protection, and two-sided markets, to name just a few. Models are presented in detail and the main results are summarized as lessons. Formal theory is complemented throughout by real-world cases that show students how it applies to actual organizational settings. The book is accompanied by a website containing a number of additional resources for lecturers and students, including exercises, answers to review questions, case material and slides.
Research in Health Economics has developed into a separate discipline for the last 25 years. All this intense research activity, has translated in the inclusion of courses of health economics, mostly at graduate level. However, the Industrial Organization aspects of the health care market do not occupy a central place in those courses. We propose a textbook of health economics whose distinguishing feature is the analysis of the health care market from an Industrial Organization perspective. This textbook will provide teachers and students with a reference to study the market structure aspects of the health care sector. The book is structured in three parts. The first part will present the basic principles of economics. It will bring all readers to the required level of knowledge to follow subsequent parts. Part II will review the main concepts of health economics. The third part will contain the core of the book. It will present the industrial organization analysis of the health care market, based on our own research.
This textbook presents 122 exercises on industrial organization with detailed answer keys. While most textbooks on industrial organization focus on theory and empirical findings, this textbook offers practical examples and exercises helping predict firm behaviour in different industries. The book emphasizes the game-theoretic tools used in each type of exercise, so students can systematically apply them to other markets, forms of competition, or information environments where firms, consumers, and regulating agencies interact. The book begins with examples that analyse different models of firm behavior and interaction; starting with monopoly and moving through the Cournot model of simultaneous quantity competition, the Bertrand model simultaneous price competition, and sequential competition. The following chapters apply game-theoretic tools to situations of increasing complexity: regulation; R&D incentives; mergers and collusion; bundling incentives; incomplete information, signalling, and competition; networks and switching costs. In addition to providing algebraic simplifications, some chapters also offer the unique feature of worked exercises based on published journal articles by leading scholars in the field. Finally, exercises are ranked according to their difficulty, with a letter (A-C) next to the exercise number, which allows students to pace their studies and instructors to structure their classes accordingly. Providing a rigorous, yet practical introduction to the field of industrial organization, this textbook is appropriate for advanced undergraduate and graduate students in economics and finance.