Technology and Market Structure

Name: Technology and Market Structure
Price: 150 AUD
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ISBN: 9780262692649

Theory and History

John Sutton (Macquarie University)

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Paperback

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English

MIT Press
26 January 2001

Economic theory & philosophy; Industry & industrial studies

Series: Technology and Market Structure

John Sutton sets out a unified theory that encompasses two major approaches to studying market, while generating a series of novel predictions as to how markets evolve.

Traditionally, the field of industrial organization has relied on two unrelated theories-the cross-section theory and the growth-of-firms theory-to explain cross-industry differences in concentration and within-industry skewness. The two approaches are based on very different mathematical structures and few researchers have attempted to relate them to each other.

In this book, John Sutton unifies the two approaches through a theory that rests on three simple principles. The first two, a ""survivor principle"" that says that firms will not pursue loss-making strategies, and an ""arbitrage principle"" that says that if a profitable opportunity is available, some firm will take it, suffice to define a set of possible outcomes. The third, the ""symmetry principle,"" says that the strategy used by a new entrant into any submarket depends neither on the entrants identity nor on its history in other submarkets. This allows researchers to bring together the roles of strategic interactions and of independence effects. The result is that the considerations motivating the cross-section tradition and those motivating the growth-of-firms tradition both drop out within a single game-theoretic model.

This book follows Sutton's Sunk Costs and Market Structure, published by MIT Press in 1991.

By: John Sutton (Macquarie University)
Imprint: MIT Press
Country of Publication: United States
Edition: 2nd Revised edition
Dimensions: Height: 229mm, Width: 152mm, Spine: 33mm
Weight: 907g
ISBN: 9780262692649
ISBN 10: 0262692643
Series: Technology and Market Structure
Pages: 692
Publication Date: 26 January 2001
Recommended Age: From 18 years
Audience: College/higher education , Professional and scholarly , Professional & Vocational , A / AS level , Further / Higher Education
Format: Paperback
Publisher's Status: Active

Part 1 A bound to concentration: theory 1 - equilibrium configurations; technology and market structure; from theory to testing; natural experiments - the high-alpha industries; the low-alpha industries; scale, learning, and the unit size effect; not by technology alone...Part 2 The size distribution: an outline of the argument; in search of a benchmark; theory 2 - independent submarkets; testing the independent submarkets model. Part 3 Extensions and limitations: technology and market structure revisited; extensions and limitations 1 - learning effects; extensions and limitations 2 - networks and standards; a complex case; summing up.

John Sutton is Sir John Hicks Professor of Economics at the London School of Economics.

Reviews for Technology and Market Structure: Theory and History

The book is a joy to read for its lucidity and is a model for integrating theoretical work of the highest quality with applied studies of particular technologies. - Qing Wang and Nick von Tunzelmann, The Times Higher Education Supplement