Lit Review: Nobel Prize in Economics 2014
Who: Jean Tirole, a Nobel Prize winner in Economics
What: The Nobel Prize document explaining Tirole's theory
Where: On the Internet Here
- great examples that show how regulation should be used differently in different markets
- simple to understand language, even though it is explaining a Nobel Peace Prize winner
- it was only 6 pages!
- some examples are too generic that it becomes difficult to apply them to real world examples
- does not explain what the research was that won him the Nobel Peace Prize
- made me want to play monopoly! (How dare they!)
- What are the determining characteristics for regulating a market?
- How does a regulator ensure that the market and firms in it are not colluding?
- How is the idea that patent encourage competition a standard across markets? Even those where patents are not used?
While the article does not drill down into how the lofty ideals set out by Tirole could be used, it gives a general economic outlook into effectivel using regulators in a market.
tl;dr: a honey mustard drop on midnight sky pleated pants