Competition among the big and the small
Many industries are made of a few big firms, which are able to manipulate the market outcome, and of a host of small businesses, each of which has a negligible impact on the market. We provide a general equilibrium framework that encapsulates both market structures. Due to the higher toughness of competition, the entry of big firms leads them to sell more through a market expansion effect generated by the shrinking of the monopolistically competitive fringe. Furthermore, social welfare increases with the number of big firms because the pro-competitive effect associated with entry dominates the resulting decrease in product diversity.
The article is devoted to interaction of economics and ethics in historical and modern aspects. Historically the liberation of economics from moral categories is considered in three ways: as a search of "natural" lawes in 1) functioning of means, 2) description of economic environment and 3) behavior. On the other hand, ethical significance of such economic notions as choice, purposes, welfare is revealed. Finally, some attempts of modern economists and methodologists to extend the concept of economic rationality in ethical perspective are discussed.
Can self-assessments of health reveal the true health differentials between ‘rich’ and ‘poor’? The potential sources of bias include psychological adaptation to ill-health, socioeconomic covariates of health reporting errors and income measurement errors. We propose an estimation method to reduce the bias by isolating the component of self-assessed health that is explicable in terms of objective health indicators and allowing for broader dimensions of economic welfare than captured by current incomes. On applying our method to survey data for Russia we find a pronounced (nonlinear) economic gradient in health status that is not evident in the raw data. This is largely attributable to the health effects of age, education and location.
This is the first paper on consumer search where the cost of going back to stores already searched is explicitly taken into account. We show that the optimal sequential search rule under costly second visits is very different from the traditional reservation price rule in that it is nonstationary and not independent of previously sampled prices. We explore the implications of costly second visits on market equilibrium in two celebrated search models. In the Wolinsky model some consumers search beyond the first firm and in this class of models costly second visits do make a substantive difference: equilibrium prices under costly second visits can both be higher and lower than their perfect recall analogues. In the oligopoly search model of Stahl where consumers do not search beyond the first firm, there remains a unique symmetric equilibrium that has firms use pricing strategies that are identical to the perfect recall case.
The volume presents a new and unique view of welfare in Russia and Eastern European countries from an intersectional perspective of welfare, gender and agency. Since the collapse of socialism, the welfare structures of the post-socialist states have experienced large and rapid changes. The discussions on the reforming welfare models serve as the integrating theme for the volume. The authors discuss past and current developments and make comparisons in time and space between the early 1990s and late 2000s and between post-socialist and transitional countries. Welfare and political democratization are analyzed on the one hand as structures and processes and on the other hand as cultural meanings and through agency, which all are strongly gendered. Macro-level analyses and in-depth case studies by scholars from different countries and disciplines provide a wide and multilayered picture of welfare developments and gendered practices of social services, caregiving and civic activism, among others. Special attention is given to research methodologies, particularly on fieldwork and micro-level understanding of the related topics. The contributors come from social and political sciences and from both former socialist and 'Western' countries from Russia and Slovenia as well as the US, the UK, Germany and Finland.
Apart from the public sphere and the norms set by society, the private sphere plays an important role in the lives of the disabled, including the personal experience of disability at a micro level: in their families, everyday routines and romantic relationships. In this chapter, issues of family structure are considered using a narrative analysis of interviews with women who use wheelchairs. Various cultural, social, economic and political determinants effect the formation of certain types of family structure and attitudes towards family life. At the same time, they interrelate with biographical factors that reinforce or weaken the limits of freedom and private life. Using narrative analysis, I demonstrate what role family plays in constructing the identity of a person with a disability, and how family members act as coauthors of individual biographies. This can be seen in those dilemmas of family life associated with the feelings, sexuality and emotional stability at the micro-level of the life experience and identification of women with disabilities.
We study Bertrand competition models with incomplete information about rivals' costs, where uncertainty is given by independent identically distributed random variables. It turns out that Bayesian Nash equilibria of the simplest of these games are described as Cournot prices. Then we discuss general conditions when Cournot prices give Bayesian Nash equilibria for Bertrand games with incomplete information about rivals' costs.
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Does "empowerment" come hand-in-hand with higher economic welfare? In theory, higher income is likely to raise both power and welfare, but heterogeneity in other characteristics can either strengthen or weaken the relationship. Survey data on Russian adults indicate that higher individual and household incomes raise both self-rated power and economic welfare. The individual income effect is primarily direct, rather than through higher household income. There are diminishing returns to income, though income inequality emerges as only a minor factor reducing either aggregate power or welfare. At given income, the identified covariates have strikingly similar effects on power and economic welfare.Income
The article considers the processes of progress in production and service sectors and answers the question how and thanks to what service sector of Russian economy left the productive one behind (concerning contribution in GDP of our country). The rates of development of service sector turned out to be so high firstly - as a reason of peculiarities of new Russian economy, which historically was built on the market principles and was developing in conditions of investment resources deficit, secondly - as a reason of system differences between «physical» goods and services as an object of sale. Nowadays Russia faces an unusual symbiosis: effective service companies, operating in hard competitive sphere with average profitability and non-affective from the point of management industrial companies, which thanks to monopolistic pricing have great profitability, providing profits of Russian budget and determining a macroeconomic situation.
Brands and brand management have become a central feature of the modern economy and a staple of business theory and business practice. Contrary to the law's conception of trademarks, brands are used to indicate far more than source and/or quality. This volume begins the process of broadening the legal understanding of brands by explaining what brands are and how they function, how trademark and antitrust/competition law have misunderstood brands, and the implications of continuing to ignore the role brands play in business competition. This is the first book to engage with the topic from an interdisciplinary perspective, hence it will be a must-have for all those interested in the phenomenon of brands and how their function is recognized by the legal system. The book integrates both a competition and an intellectual property law dimension and explores the regulatory environment and case law in both Europe and the United States.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.