This essay provides an elementary, unified introduction to the models of market institutions that go beyond the competitive model of price-taking behavior on both sides of the market. Several models of market institutions that govern price determination are explored and compared, including...

Structural instruments are financial instruments that the EU acts to eliminate disparities and achieve economic and social cohesion between the regions of Europe. The main feature is that the structural instruments will be used to finance individual projects not to fund development programs.

Market segmentation and the knowledge of customer organization profile is a well-known requirment for any manager hoping to success in a competitive environment. On the other hand, nobody denies that nowadays, higher education became a mass phenomenon and the universities acting more and more...

It is an indisputable fact that the institutions of higher education have contributions not only to the land’s socio-cultural development but also to its economic development. In agriculture-based, not industrialized local economies in which the tourism hasn’t developed either, the...

Empirical evidence suggests the existence of a negative relationship between rigidities on the labor market and the level of economic activity. In this paper, we provide a background of this evidence. We build a model where the employed worker chooses the optimal level of firing costs by...

Recent work suggests that institutional investors play an important role in short-term market efficiency. This study provides new evidence for the prevalence of this efficiency-enhancing effect by categorizing institutions into different types: foreign institutions, financial institutions,...

This paper examines the contributions of various factors to China's economic growth. The methodology is discussed in papers by Levine and Renelt (1992) and Sala-i-Martin (1997). Using multiple imputation techniques on a panel data from 1978 to 1999 for 30 provinces, autonomous regions, and...

We show in a game-theoretic model that when quantity-setting firms first choose whether to discriminate or not and then set quantities, the unique equilibrium consists in all firms selling a uniform quantity to all consumers. This sharply contrasts with the case of price-setting firms.

Although the effect of uncertainty on economic behavior is of primary concern to both economists and policymakers, its theoretical and empirical treatment in the literature has led to inconclusive results. Indeed, the results of the various empirical studies are highly dependent on the...

We present a network formation game whose equilibria are undirected networks. Every connected couple contributes to the aggregate payoff by a fixed quantity, and the outcome is split between players according to the Myerson value allocation rule. This setup shows a wide multiplicity of non-empty...