Governance structures; market and firms
6 important questions on Governance structures; market and firms
What are the two markets in the neoclassical approach to markets and what are their characteristics?
- Spot markets. These are markets with anonymous traders, homogeneous products / commodities, one-off exchange and theoretically: institutions do not matter.
- Contingent markets. Time, place, contingencies matter.
What is the industrial organization approach to markets? Name three characteristics.
- Markets and market power
- Market power can be exploited by using: price discrimination, exclusive contracting and predatory pricing.
- Anti-competitive behaviour: particularly in situations of a dominant firm, usually in combination with entry barriers.
What is the transaction cost approach to markets? Name 7.
- MARKET = BUY
- Also called: spot market
- anonymous actors
- one-off
- main coordination device: price
- information exchange: low
- Examples: stock exchange, flower auction.
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What is the transaction costs approach to firms? Name 6.
- FIRM = MAKE
- Firm = hierarchy = vertical intergration
- actors not anonymous
- repetitive transactions
- main coordination devices: authority
- information exchange: high
What are the three different types of auctions?
- Sealed bid auction
- Dutch auction
- English auction
What are 7 things that market-supporting institutions ensure?
- Contracts are enforced
- Property rights are respected
- Opportunistic behaviour is diminished
- Adverse effects of externalities are reduced
- Information flows improve
- Transaction costs are reduced
- Tools for risk management are provided.
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