More then just a textbook, A Theory of Incentives in Procurement and Regulation will guide economists' research on regulation for years to come. It makes a difficult and large literature of the new regulatory economics accessible to the average graduate student, while offering insights into the theoretical ideas and stratagems not available elsewhere. Based on their pathbreaking work in the application of principal-agent theory to questions of regulation, Laffont and Tirole develop a synthetic approach, with a particular, though not exclusive, focus on the regulation of natural monopolies such as military contractors, utility companies, and transportation authorities.The book's clear and logical organization begins with an introduction that summarizes regulatory practices, recounts the history of thought that led to the emergence of the new regulatory economics, sets up the basic structure of the model, and previews the economic questions tackled in the next seventeen chapters. The structure of the model developed in the introductory chapter remains the same throughout subsequent chapters, ensuring both stability and consistency. The concluding chapter discusses important areas for future work in regulatory economics.Each chapter opens with a discussion of the economic issues, an informal description of the applicable model, and an overview of the results and intuition. It then develops the formal analysis, including sufficient explanations for those with little training in information economics or game theory. Bibliographic notes provide a historical perspective of developments in the area and a description of complementary research. Detailed proofs are given of all major conclusions, making the book valuable as a source of modern research techniques. There is a large set of review problems at the end of the book.Jean-Jacques Laffont is Professor of Economics at Université des Sciences Sociales in Toulouse where Jean Tirole is Scientific Director at the Institut d'Economié Industrielle.
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About the Author
Jean-Jacques Laffont is Professor of Economics at the Universite des Sciences Sociales de Toulouse and the Institut Universitaire de France and Director of the Institut d'Economie Industrielle. Jean Tirole is Scientific Director of IDEI (Institut d'Economie Industrielle), Chairman of the Board of TSE (Toulouse School of Economics), and Annual Visiting Professor of Economics at MIT.
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5 of 10 people found the following review helpful:
5.0 out of 5 stars
NON PLUS ULTRA,
This review is from: A Theory of Incentives in Procurement and Regulation (Hardcover)
This is a MUST own for scholars teaching advanced microeconomic theory, in particular for courses that emphasize in labor contracts under asymmetric information. It is written in a crisp, approachable style (for advanced undergraduate and graduate level) relying wherever possible with rigorous proofs. This book provides not only an "action packed" and up to date guide to economic theory, it takes you to the knowledge frontier in this field. I recommend it to all serious scholars and economic practitioners.
1 of 19 people found the following review helpful:
3.0 out of 5 stars
A book good for economic researcher's computer simulation,
By LIANG (Taiwan) - See all my reviews
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This review is from: A Theory of Incentives in Procurement and Regulation (Hardcover)
I bought this book for the grand name of "Jean Tirole" and the title. Pretty disappointed. This book only focus on modeling factors, nonetheless, quite through compiled.If you're interesting about this field, might want to refer to; 1. Willison, the institution of capitalism ( also hierarchy ) 2. Olsen, the collective action ( and other books from Olsen ) 3. Tirole, the theory of industrial organization Some books regarding "principle and agent" (no recommendation here )
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- The Institutional Economics of Foreign Aid by Bertin Martens on page 110, and page 151
- Sourcing Strategy: Principles, Policy and Designs by Sudhi Seshadri on page 175, and Back Matter
- Privatization and Deregulation in the Gulf Energy Secter (Emirates Center for Strategic Studies and Research) by The Emirates Center for Strategic Studies and Research in Back Matter (1), and Back Matter (2)
- Frontiers in Economics by Klaus F. Zimmermann on page 232, and page 266
- States and Markets: A Primer in Political Economy by Adam Przeworski on page 98, and page 217
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