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The Manufacturing of Markets
Legal, Political and Economic Dynamics

£93.00

Eric Brousseau, Jean-Michel Glachant, Aashish Velkar, Marta Fernandez Barcala, Manuel Gonzalez-Diaz, Emmanuel Raynaud, Benito Arruñada, Terry L. Anderson, Ragnar Arnason, Gary D. Libecap, A. Denny Ellerman, Eshien Chong, Carine Staropoli, Anne Yvrande-Billon, John J. Wallis, Stephen Littlechild, Antonio Manganelli, Antonio Nicita, Maria Alessandra Rossi, Marian W. Moszoro, Pablo T. Spiller, Witold J. Henisz, Bennet A. Zelner, Yannis Karagiannis, Adrienne Héritier, Jérôme Sgard, Michel Aglietta, Laurence Scialom, Howard A. Shelanski, Shaun D. Mcrae, Frank A. Wolak, Craig Pirrong
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  • Date Published: May 2014
  • availability: Available
  • format: Hardback
  • isbn: 9781107053717

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About the Authors
  • Different types of markets exist throughout the world but how are they created? In this book, an interdisciplinary team of authors provide an evolutionary vision of how markets are designed and shaped. Drawing on a series of case studies, they show that markets are far from perfect and natural mechanisms, and propose a new view of markets as social construct, explaining how combinations of economic, political and legal constraints influence the formation and performance of markets. Historical trajectories and interdependencies among institutional dimensions make it difficult to build costless, non-biased co-ordination mechanisms, and there are limitations to public and private attempts to improve the design of markets. The authors show that incomplete and imperfect modes of governance must be improved upon and combined in order for markets to work more efficiently. This timely book will interest practitioners and academics with backgrounds in economics, law, political science and public policy.

    • Proposes a new view of markets as social construct, showing that markets are far from perfect or natural mechanisms
    • Provides an evolutionary vision of how markets are built and permanently reshaped by economic, political and legal influences
    • Multidisciplinary approach with contributions from economists, political scientists and lawyers, structured around a set of case studies covering different periods and different industries
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    Reviews & endorsements

    'Eric Brousseau and Jean-Michel Glachant have assembled a fascinating set of contributions that discuss the institutional arrangements that contribute to the 'manufacturing' of markets for goods and services … The chapters in this book provide important insights about how these institutional choices have been made in many different contexts, drawing on lessons from economics, political science, organizational behavior, psychology and law. There is much to learn from these chapters for both scholars and policymakers.' Paul L. Joskow, President, Alfred P. Sloan Foundation, and Elizabeth and James Killian Professor of Economics, Emeritus, Massachusetts Institute of Technology

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    Product details

    • Date Published: May 2014
    • format: Hardback
    • isbn: 9781107053717
    • length: 548 pages
    • dimensions: 229 x 152 x 30 mm
    • weight: 0.9kg
    • contains: 26 b/w illus. 9 tables
    • availability: Available
  • Table of Contents

    Introduction:
    1. Manufacturing markets: what it means and why it matters? Eric Brousseau and Jean-Michel Glachant
    Part I. Public and Private Complementarities in Securing Exchange: Introduction to Part I Eric Brousseau and Jean-Michel Glachant
    2. Measurement systems as market foundations: perspectives from historical markets Aashish Velkar
    3. How to manufacture quality: the diversity of institutional solutions and how they interact in agrifood markets Marta Fernandez Barcala, Manuel Gonzalez-Diaz and Emmanuel Raynaud
    4. The law of impersonal transactions Benito Arruñada
    Part II. Path Dependency and Political Constraints in Establishing Property Rights Systems: Introduction to Part II Eric Brousseau and Jean-Michel Glachant
    5. 'Manufacturing markets': the efficiency advantages of grandfathering allocations over auctions Terry L. Anderson, Ragnar Arnason and Gary D. Libecap
    6. Allocation in air emissions markets A. Denny Ellerman
    7. Auction versus negotiation in public procurement: looking for empirical evidence Eshien Chong, Carine Staropoli and Anne Yvrande-Billon
    Part III. The Political Origin of Competition: Introduction to Part III Eric Brousseau and Jean-Michel Glachant
    8. Why competitive markets aren't self-actuating: the political economy of limited access John J. Wallis
    9. The creation of a market for retail electricity supply Stephen Littlechild
    10. The institutional design of European competition policy Antonio Manganelli, Antonio Nicita and Maria Alessandra Rossi
    Part IV. The Myopia of the Public Hand: Introduction to Part IV Eric Brousseau and Jean-Michel Glachant
    11. Third-party opportunism and the theory of public contracts: operationalization and applications Marian W. Moszoro and Pablo T. Spiller
    12. The cycling of power between private and public sectors: electricity generation in Argentina, Brazil and Chile Witold J. Henisz and Bennet A. Zelner
    13. Politics and the manufacturing of a transatlantic market for civil aviation (1944–2007) Yannis Karagiannis and Adrienne Héritier
    Part V. The Challenge of Balancing Public and Private Ordering: Introduction to Part V Eric Brousseau and Jean-Michel Glachant
    14. The microstructure of the first emerging markets in Europe in the eighteenth century Larry Neal
    15. Money reconstructed: Argentina and Brazil after hyperinflation Jérôme Sgard
    16. For a renewal of financial regulation Michel Aglietta and Laurence Scialom
    Part VI. The Daily Adjustment of Market Technology: Introduction to Part VI Eric Brousseau and Jean-Michel Glachant
    17. Antitrust liability in the U.S. for unilateral refusals to deal in intellectual and other property Howard A. Shelanski
    18. How do firms exercise unilateral market power? Empirical evidence from a bid-based wholesale electricity market Shaun D. Mcrae and Frank A. Wolak
    19. Exchanges: the quintessential manufactured markets Craig Pirrong
    20. Conclusion: tatonnement in the manufacturing of markets Eric Brousseau and Jean-Michel Glachant
    References
    Index.

  • Editors

    Eric Brousseau, Université de Paris IX (Paris-Dauphine)
    Eric Brousseau is Professor of Economics and Management at Paris-Dauphine University. He is a member of Dauphine Research in Management (DRM), a Joint Research Center between the CNRS and Paris-Dauphine. He is also the founder and director of the European School for New-Institutional Economics (ESNIE), and President of the International Society for New-Institutional Economics (ISNIE). His research focuses on the economics of governance, with applications to innovation, digital economics, the environment, development, and global governance.

    Jean-Michel Glachant, European University Institute, Florence
    Jean-Michel Glachant is Director of the Florence School of Regulation and holder of the Loyola de Palacio Chair at the European University Institute in Florence. He has been coordinator or scientific adviser for several European research projects such as THINK, Optimate, SESSA, CESSA, Reliance, EU-DEEP, RefGov, TradeWind and Secure. He is chief editor of EEEP: Economics of Energy and Environmental Policy, the new academic journal of the International Association for Energy Economics, and is a member of the board of IAEE.

    Contributors

    Eric Brousseau, Jean-Michel Glachant, Aashish Velkar, Marta Fernandez Barcala, Manuel Gonzalez-Diaz, Emmanuel Raynaud, Benito Arruñada, Terry L. Anderson, Ragnar Arnason, Gary D. Libecap, A. Denny Ellerman, Eshien Chong, Carine Staropoli, Anne Yvrande-Billon, John J. Wallis, Stephen Littlechild, Antonio Manganelli, Antonio Nicita, Maria Alessandra Rossi, Marian W. Moszoro, Pablo T. Spiller, Witold J. Henisz, Bennet A. Zelner, Yannis Karagiannis, Adrienne Héritier, Jérôme Sgard, Michel Aglietta, Laurence Scialom, Howard A. Shelanski, Shaun D. Mcrae, Frank A. Wolak, Craig Pirrong

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