The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific market arrangements--or microstructure--on the aggregation process and overall performance of financial markets. Xavier Vives bridges the gap between the two primary views of markets--informational efficiency and herding--and uses a coherent game-theoretic framework to bring together the latest results from the rational expectations and herding literatures. Vives emphasizes the consequences of market interaction and social learning for informational and economic efficiency. He looks closely at information aggregation mechanisms, progressing from simple to complex environments: from static to dynamic models; from competitive to strategic agents; and from simple market strategies such as noncontingent orders or quantities to complex ones like price contingent orders or demand schedules. Vives finds that contending theories like informational efficiency and herding build on the same principles of Bayesian decision making and that "irrational" agents are not needed to explain herding behavior, booms, and crashes. As this book shows, the microstructure of a market is the crucial factor in the informational efficiency of prices. Provides the most complete analysis of the ways markets aggregate information Bridges the gap between the rational expectations and herding literatures Includes exercises with solutions Serves both as a graduate textbook and a resource for researchers, including financial analysts
Applies a modern game-theoretic approach to develop a theory of oligopoly pricing. The text relates classic contributions to the field of modern game theory and discusses basic game-theoretic tools and equilibrium, paying particular attention to developments in the theory of supermodular games.
Research in Health Economics has developed into a separate discipline for the last 25 years. All this intense research activity, has translated in the inclusion of courses of health economics, mostly at graduate level. However, the Industrial Organization aspects of the health care market do not occupy a central place in those courses. We propose a textbook of health economics whose distinguishing feature is the analysis of the health care market from an Industrial Organization perspective. This textbook will provide teachers and students with a reference to study the market structure aspects of the health care sector. The book is structured in three parts. The first part will present the basic principles of economics. It will bring all readers to the required level of knowledge to follow subsequent parts. Part II will review the main concepts of health economics. The third part will contain the core of the book. It will present the industrial organization analysis of the health care market, based on our own research.
The second edition of an essential text on the microeconomic foundations of banking surveys the latest research in banking theory, with new material that covers recent developments in the field. Over the last thirty years, a new paradigm in banking theory has overturned economists' traditional vision of the banking sector. The asymmetric information model, extremely powerful in many areas of economic theory, has proven useful in banking theory both for explaining the role of banks in the economy and for pointing out structural weaknesses in the banking sector that may justify government intervention. In the past, banking courses in most doctoral programs in economics, business, or finance focused either on management or monetary issues and their macroeconomic consequences; a microeconomic theory of banking did not exist because the Arrow-Debreu general equilibrium model of complete contingent markets (the standard reference at the time) was unable to explain the role of banks in the economy. This text provides students with a guide to the microeconomic theory of banking that has emerged since then, examining the main issues and offering the necessary tools for understanding how they have been modeled. This second edition covers the recent dramatic developments in academic research on the microeconomics of banking, with a focus on four important topics: the theory of two-sided markets and its implications for the payment card industry; “non-price competition” and its effect on the competition-stability tradeoff and the entry of new banks; the transmission of monetary policy and the effect on the functioning of the credit market of capital requirements for banks; and the theoretical foundations of banking regulation, which have been clarified, although recent developments in risk modeling have not yet led to a significant parallel development of economic modeling. Praise for the first edition: "The book is a major contribution to the literature on the theory of banking and intermediation. It brings together and synthesizes a broad range of material in an accessible way. I recommend it to all serious scholars and students of the subject. The authors are to be congratulated on a superb achievement."—Franklin Allen, Nippon Life Professor of Finance and Economics, Wharton School, University of Pennsylvania "This book provides the first comprehensive treatment of the microeconomics of banking. It gives an impressive synthesis of an enormous body of research developed over the last twenty years. It is clearly written and apleasure to read. What I found particularly useful is the great effort that Xavier Freixas and Jean-Charles Rochet have taken to systematically integrate the theory of financial intermediation into classical microeconomics and finance theory. This book is likely to become essential reading for all graduate students in economics, business, and finance."—Patrick Bolton, Barbara and David Zalaznick Professor of Business, Columbia University Graduate School of Business "The authors have provided an extremely thorough and up-to-date survey of microeconomic theories of financial intermediation. This work manages to be both rigorous and pleasant to read. Such a book was long overdue and shouldbe required reading for anybody interested in the economics of banking and finance."—Mathias Dewatripont, Professor of Economics, ECARES, Universit
The third edition of a leading text on the microeconomic foundations of banking, comprehensively updated with new coverage of the 2008 Global Financial Crisis, fintech, and the latest research in banking theory. The banking industry has undergone seismic change in the twenty-first century, from the overhaul of regulation in the wake of the 2008 Global Financial Crisis to the digitalization of the economy and the disruption of traditional business models by ascendant tech giants. Now in a comprehensively updated third edition, this essential graduate-level text on the microeconomic foundations of banking provides the rigorous theoretical approach required to understand these new structures and norms, functioning as a user’s guide to recent academic literature. Microeconomics of Banking offers a comprehensive view of the evolution of banking theory and the rapidly changing realm of financial intermediation, examining the central issues and offering the necessary tools for understanding how they have been modeled. New edition highlights: Up-to-date coverage of the latest research in banking theory as well as the events of the global financial crisis and resultant Basel III regulatory framework New chapters on liquidity and systemic risk New material throughout on cryptocurrencies, fintech, and other facets of a digitalized economy
Applies a modern game-theoretic approach to develop a theory of oligopoly pricing. The text relates classic contributions to the field of modern game theory and discusses basic game-theoretic tools and equilibrium, paying particular attention to developments in the theory of supermodular games.
The impending energy crisis brought on by the running out of finite and non-homogenously distributed fossil fuel reserves and the worldwide increase in energy demand has prompted vast research in the development of sustainable energy technologies in the last few decades. However, the efficiency of most of these new technologies is relatively small and therefore it needs to be increased to eventually replace conventional technologies based on fossil fuels. The required efficiency increase primarily relies on the ability to improve the performance of the functional materials which are at the heart of these technologies. The purpose of this book is to give a unified and comprehensive presentation of the fundamentals and the use and design of novel materials for efficient sustainable energy applications, such as conversion, storage, transmission, and consumption. The book presents general coverage of the use and design of advanced materials for sustainable energy applications. Thus, the book addresses all the relevant aspects, such as materials for energy conversion, storage, transmission, and consumption.
In its original Spanish language version, this tour de force was awarded the famed Espejo de Espana prize. Rubert deVentos examines the ambiguous yet highly charged relationships between Spain and the American nations of the Western hemisphere. Writing with the grace and charm that characterizes the best of the pensador tradition, the author has produced a fundamental treatise on social development. With his deep appreciation for the indigenous populations of South and Central America, Rubert deVentos offers a comparative perspective on the two major forms of colonization in the Americas--that of Spain and of the United States, leading to the provocative conclusion that each should have learned from the traditional rather than the modern lives of the other. He emphasizes with great precision distinctions in relative stages of industrialization in the West, differences between Catholic and Protestant faiths, the variety of legal codes imposed on Latin America, and above all the fine but critical differences between civilization and evangelization. Rubert deVentos's effort is exemplary for its immersion into the actual patterns of culture found in the encounter of civilizations. He engages in no harshness, no condemnation, no trivial pursuit of post-mortem name-calling. Rather he has a keen sense of the historical, the theological, and the inevitable. Written for the general reader and specialist in area studies alike, providing a deep sense of anthropology as well as history, The Hispanic Labyrinth has an ambitious aim: to give all concerned in this relationship a sense of common cause in building democracy in the process of global interaction. Xavier Rubert deVentos holds the chair in Esthetics at the University of Barcelona. He is a Santayana Fellow at Harvard University and a founding member of the New York Institute for the Humanities. He has held visiting professorships at the University of Cincinnati, and the University of California at Berkeley. He is the author of works in Spanish and Catalan, including On Modernity; The Theory of Sensibility and other books on philosophical themes. He is also a deputy to the European Parliament. The Hispanic Labyrinth is translated from Spanish by Mary Ann Newman, teacher of Spanish-American literature in New York City.
Whether you are a business leader, internal business partner or external consultant, there are six key strategy missions that you will need to undertake as you deal with the re-positioning and growth issues that all businesses face at one stage or another during their life-cycle: assessing the environment defining a strategic positioning choosing a growth strategy expanding internationally combining strategy, and innovation or (re)designing the business model Meschi and Chereau bridge the gaps between academic theory and real world practice, between strategic analysis and strategic management, and between planning and doing, by providing you with six essential mission briefings to help you deliver the best possible outcome. Each briefing is structured the same way, beginning with an outline of the consulting mission and its content before examining the theoretical background, before setting out a complete and practical methodology to complete the mission along with all the tools you will need along the way.
In 1518, a young Aztec princess in love with a Spanish conquistador will be cursed for eternity by an ancient Aztec she-devil. The curse will only be broken if another couple succeeds in decoding the clues that will lead them to discover an access to the Underworld and defeat the she-devil. Sam, a young Spanish doctor, and Estrella, a Mexican archeologist, will travel the world on a dangerous quest to unravel the clues and reverse the ancient Aztec curse that 500 years earlier doomed the Aztec princess and the Spanish conquistador for eternity. Fighting an Aztec she-devil and the forces of the Underworld is only part of the challenge, as they will discover a secret that might change the future of mankind but could also cost them their lives.
A framework for macroprudential regulation that defines systemic risk and macroprudential policy, describes macroprudential tools, and surveys the effectiveness of existing macroprudential regulation. The recent financial crisis has shattered all standard approaches to banking regulation. Regulators now recognize that banking regulation cannot be simply based on individual financial institutions' risks. Instead, systemic risk and macroprudential regulation have come to the forefront of the new regulatory paradigm. Yet our knowledge of these two core aspects of regulation is still limited and fragmented. This book offers a framework for understanding the reasons for the regulatory shift from a microprudential to a macroprudential approach to financial regulation. It defines systemic risk and macroprudential policy, cutting through the generalized confusion as to their meaning; contrasts macroprudential to microprudential approaches; discusses the interaction of macroprudential policy with macroeconomic policy (monetary policy in particular); and describes macroprudential tools and experiences with macroprudential regulation around the world. The book also considers the remaining challenges for establishing effective macroprudential policy and broader issues in regulatory reform. These include the optimal size and structure of the financial system, the multiplicity of regulatory bodies in the United States, the supervision of cross-border financial institutions, and the need for international cooperation on macroprudential policies.
The document Southern Catalonia, Knowledge Region argues that Catalonia needs to develop its own internal regional policy, which would provide a framework for a decision-making system of regional planning and development. This system would also cover the southern region. The document describes the features that this system should have, taking as its source the European cohesion policy, which focuses on regional development based on smart specialization (RIS3) and allows to identify regions with economic and social knowledge-based activity. European regional policy, therefore, identifies Southern Catalonia as a Knowledge Region, and provides an operational definition of the region. There is, first, a bottom-up need that arises from the concerns and demands repeatedly expressed by the various levels of society whenever a decision with strategic regional scope has had to be taken (on infrastructure, health, tourism, industrial development, etc.). And, as the document shows, there is also a top-down need: European policies need to be implemented more effectively to allow for cohesive growth. The document discusses the desirability of defining the attributes of the NUTS2 region, and analyses the advantages of doing so (and the disadvantages of not doing so), the main strengths and weaknesses of the region and the difficulties that need to be overcome. With this document, Universitat Rovira i Virgili’s Chair for the University and Knowledge Region rises to the challenge of facilitating and contributing to the organization of a system of governance for Southern Catalonia as a region of knowledge. The document also describes the action plan that is being put into practice by the URV Chair for the University and Knowledge Region to help define the Southern Catalonia region.
How did the colonization of Goa in the sixteenth and seventeenth centuries take place? How was it related to projects for the conversion of Goan colonial subjects to Catholicism? In Religion and Empire in Portuguese India, Ângela Barreto Xavier examines these questions through a reading of the relevant secular and missionary archives and texts. She shows how the twin drives of conversion and colonization in Portuguese India resulted in a variety of outcomes, ranging from negotiation to passive resistance to moments of extreme violence. Focusing on the rural hinterlands rather than the city of Goa itself, Barreto Xavier shows how Goan actors were able to seize hold of complex cultural resources in order to further their own projects and narrate their own myths and histories. In the process, she argues, Portuguese Goa emerged as a space with a specific identity that was a result of these contestations and interactions. The book de-essentializes the categories of colonizer and colonized, making visible instead their inner-group diversity of interests, their different modes of identification, and the specificity of local dynamics in their interactions and exchanges—in other words, the several threads that wove the fabric of colonial life.
The first major examination of Anthony van Dyck's work as a portraitist and an essential resource on this aspect of his illustrious career This landmark volume is a comprehensive survey of the portrait drawings, paintings, and prints of Anthony van Dyck (1599-1641), one of the most celebrated portraitists of all time. His supremely elegant style and ability to convey a sense of a sitter's inner life made him a favored portraitist among high-ranking figures and royalty across Europe, as well as among his fellow artists and art enthusiasts. Showcasing the full range of Van Dyck's fascinating international career with more than 100 works, this catalogue celebrates the artist's versatility, inventiveness, and influential approach to portraiture. Works include preparatory drawings and oil sketches that shed light on Van Dyck's working process, prints that allowed his work to reach a wider audience, and grand painted portraits. Some of the masterpieces are drawn from the exceptional holdings of The Frick Collection, while other works are presented here for the first time. Also included are drawings by some of Van Dyck's contemporaries--including his teacher Peter Paul Rubens--that illuminate the lineage of his working method. With insightful contributions by a team of international scholars, this unparalleled study of Van Dyck offers a compelling case for the distinctiveness and importance of the artist's work.
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