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Stephen Martin

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Stephen Martin

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Stephen Martin

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Stephen Martin

This chapter reviews the rational economic man model and contrasts it with evidence of bounded rationality that has emerged since the last quarter of the previous century. It discusses the implications of bounded rationality for research in industrial economics, with particular attention to the analysis of predation, collusion and entry. It concludes by drawing implications for the antitrust rules toward dominant firm behavior that come out of the Matsushita and Brooke Group decisions.

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Stephen Martin

The powerful theorems of welfare economics operate under a range of assumptions. Two of the most significant are the existence of competitive markets for all goods and services – including futures markets – and the unbounded rationality of all economic agents who act independently to maximize payoffs. In the contributions discussed in this research review, economists come to grips with the consequences of markets falling short of assumptions, as well as the response of institutions to observed market characteristics. This comprehensive study will be of interest to economists and policymakers who wish to understand the strengths and limitations of the market mechanism of resource allocation.
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Stephen Martin

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Stephen Martin

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Stephen Martin

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Stephen Flowers and Martin Meyer

This chapter focuses on the part played by users of technologies and online communities in the creation of new goods and services. Taking as its starting point some of the earliest recorded mentions of innovation by users of technologies, the chapter charts the role of technology users in the invention and innovation of new machines, consumer products and services. It explores how practical people, and not scientists, were at the leading edge of invention and highlights the importance of users’ knowledge and experience in the processes of invention and innovation. The way in which the recent growth of online communities and the crowd is revolutionising the creation and consumption of goods and services is also examined and a series of case studies are used to illustrate the impact of this phenomenon.

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Stephen Martin and Paola Valbonesi