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Macroeconomics --- Competition, imperfect --- Competition, Imperfect. --- Macroeconomics.
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Value --- Competition, imperfect --- Prices
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Much recent research in the economics of information has analyzed the implications of alternative market structures in the presence of qualitative characteristics which cannot be accurately and objectively measured or described. This approach avoids the more basic question of the influence of qualitative information on the emergence of market structures. This paper argues that market structures arise which minimize total average production and information costs and that qualitative characteristics produce structures utilizing reputation.
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This paper presents a new method for obtaining exact optimal solutions for a class of discrete-variable non-linear resource-allocation problems. The new method is called the decision-state method because, unlike the conventional dynamic programming method which works only in the state space, the new method works in the state space and the decision space. It generates and retains only a fraction of the points in the state space at which the state functions are discontinuous; and thus overcomes to some extent the curse of dimensionality. It carries the cumulative decision-strongs associated with these points, and thus avoids the backtracking entailed by the conventional dynamic programming method for recovering the optimal decisions. A concise and complete statement of the method is given in Algorithm 2 and it is proved that the algorithm finds all exact optimal solutions. In addition the method is adapted for solving some problems with special structures such as block-angular or split-block-angular constraints and the resultant substantial advantages are demonstrated. The performance of Algorithm 2 on many resource-allocations problems is reported, along with investigations on many tactical decisions which have substantial impact on the performance. The performance of the computer implementation of Algorithm 2 is compared with that of the MMDP algorithm and it showed that for the class of problems at which the two are aimed, the decision-state Algorithm 2 performed better than MMDP algorithm both in terms of storage requirement and solution time. In fact, it achieved an order of magnitude saving in storage requirement.
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Equilibrium (Economics) --- Competition, imperfect --- Game theory
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This paper examines the macroeconomic properties of imperfectly competitive economies. The focus is on the coordination failures that might arise in these economies, a study of alternative policies and the comparative static properties of these models. This paper differs from others in this area by modeling the labor market from the perspective of optimal contract theory. This permits an evaluation of the role of labor market behavior in producing these coordination failures and a study of labor market policies (such as unemployment insurance and alternative compensation schemes).
Competition, Imperfect --- Labor supply --- Mathematical models.
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Competition, Imperfect --- Equilibrium (Economics) --- Game theory
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Microeconomics --- Competition, Imperfect. --- Microeconomics. --- Concurrence imparfaite --- Micro-économie --- Competition, imperfect --- Micro-économie
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