Markets as institutions

Date
1995
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Bilkent University
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Language
English
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Thesis
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Abstract

This dissertation investigates resource allocation via institutions. A unifying framework for studying various kinds of institutional structures is provided. After the introductory Part 1, Part 2 presents the general model (Chapter 1) and studies existence of equilibria (Chapter 2). Part 3 provides applications to general equilibrium models under complete markets (Chapter 3), public goods and Lindahl prices (Chapter 4), generalized price systems and sales taxes (Chapter 5), lemons type quality problems (Chapter 6). adverse selection and money (Chapter 7), and a model with Markov technologies and freedom effects on utilities (Chapter 8). welfare implications of most applications are investigated. Chapter 9 discusses further applications and possible future research topics.

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Societies, Institutions, Economic systems, Social systems, Abstract economies, Abstract economic systems, Private ownership economies, Public goods economies, Markets for lemons, Adverse selection, Price system, Generalized price system, Semicentralized resource equilibrium, Non-cooperative equilibrium, Social equilibrium, Competitive (Wcdrasian) equilibrium, Sales tax equilibrium, Sustainable Walrasian equilibrium, Equilibrium existence, Financial structure, Neutrality of money, Second best
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Published Version (Please cite this version)