Most widely held works by Jean Tirole
Competition in telecommunications by Jean-Jacques Laffont ( Book )
15 editions published between 1999 and 2002 in English and Chinese and held by 1,497 libraries worldwide
Analyzes regulatory reform and the emergence of competition in network industries using the theoretical tools of industrial organization, political economy, and the economics of incentives. The book is written in a style accessible to managers, consultants and government officials.
The theory of industrial organization by Jean Tirole ( Book )
54 editions published between 1988 and 2008 in 3 languages and held by 1,280 libraries worldwide
To study industrial organization is to study the functioning of markets, a central concept in microeconomics. However, it took a long time and two waves of interest for industrial organization to become one of the main fields of economics.
Game theory by Drew Fudenberg ( Book )
33 editions published between 1991 and 2010 in 3 languages and held by 888 libraries worldwide
An advanced text which aims to introduce the principles of non co-operative game theory - including strategic form games, Nash equilibria, subgame perfection, repeated games and games of incomplete information - in a direct and uncomplicated style that covers the broad spectrum of the field.
A theory of incentives in procurement and regulation by Jean-Jacques Laffont ( Book )
16 editions published between 1993 and 2009 in 3 languages and held by 621 libraries worldwide
Financial crises, liquidity, and the international monetary system by Jean Tirole ( Book )
10 editions published between 2001 and 2003 in 3 languages and held by 552 libraries worldwide
"Jean Tirole first analyzes the current views on the crises and on the reform of the international financial architecture. Reform proposals often treat the symptoms rather than the fundamentals, he argues, and sometimes fail to reconcile the objectives of setting effective financing conditions while ensuring that a country "owns" its reform program. A proper identification of market failures is essential to reformulating the mission of an institution such as the IMF, he emphasizes. Next he adapts the basic principles of corporate governance, liquidity provision, and risk management of corporations to the particulars of country borrowing. Building on a "dual- and common-agency perspective," he revisits commonly advocated policies and considers how multilateral organizations can help debtor countries reap enhanced benefits while liberalizing their capital accounts."--Jacket.
The prudential regulation of banks by M Dewatripont ( Book )
12 editions published between 1993 and 2010 in 4 languages and held by 529 libraries worldwide
The theory of corporate finance by Jean Tirole ( Book )
8 editions published between 2006 and 2009 in English and Chinese and held by 514 libraries worldwide
This text conveys the organizing principles that structure the analysis of key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; and the design of managerial incentive packages.
Balancing the banks : global lessons from the financial crisis by M Dewatripont ( Book )
5 editions published in 2010 in English and held by 445 libraries worldwide
The financial crisis that began in 2007 in the United States swept the world, producing substantial bank failures and forcing unprecedented state aid for the crippled global financial system. Bringing together three leading financial economists to provide an international perspective, Balancing the Banks draws critical lessons from the causes of the crisis and proposes important regulatory reforms, including sound guidelines for the ways in which distressed banks might be dealt with in the future. While some recent policy moves go in the right direction, others, the book argues, are not suffic.
Dynamic models of oligopoly by Drew Fudenberg ( Book )
13 editions published between 1983 and 2006 in English and held by 314 libraries worldwide
Inside and outside liquidity by Bengt Holmström ( Book )
3 editions published in 2011 in English and held by 236 libraries worldwide
Why do financial institutions, industrial companies, and households hold low-yielding money balances, Treasury bills, and other liquid assets? When and to what extent can the state and international financial markets make up for a shortage of liquid assets, allowing agents to save and share risk more effectively? These questions are at the center of all financial crises, including the current global one. In Inside and Outside Liquidity, leading economists Bengt Holmstrom and Jean Tirole offer an original, unified perspective on these questions drawing on insights from modern corporate finance. In a slight, but important departure from the standard theory of finance, they show how imperfect pledgeability of corporate income leads to a demand for as well as a shortage of liquidity with interesting implications for the pricing of assets, investment decisions, and liquidity management. The government has an active role to play in improving risk-sharing between consumers with limited commitment power and firms dealing with the high costs of potential liquidity shortages. In this perspective, private risk sharing is always imperfect and may lead to financial crises that can be alleviated through government interventions. In an epilogue, Holmstrom and Tirole show how their theory can be used to understand some aspects of the recent financial crisis.
Incentives in procurement contracting ( Book )
4 editions published in 1993 in English and held by 117 libraries worldwide
Self-confidence and social interactions by Roland Benabou ( Book )
13 editions published in 2000 in English and No Linguistic content and held by 89 libraries worldwide
LAPM : a liquidity-based asset pricing model by Bengt Holmström ( Book )
8 editions published between 1998 and 2000 in English and held by 85 libraries worldwide
Private and public supply of liquidity by Bengt Holmström ( Book )
9 editions published in 1996 in English and No Linguistic content and held by 83 libraries worldwide
Théorie de l'organisation industrielle ; tome 1 by Jean Tirole ( Book )
1 edition published in 1993 in French and held by 81 libraries worldwide
Belief in a just world and redistributive politics by Roland Bénabou ( Book )
7 editions published in 2005 in English and No Linguistic content and held by 74 libraries worldwide
"International surveys reveal wide differences between the views held in different countries concerning the causes of wealth or poverty and the extent to which people are responsible for their own fate. At the same time, social ethnographies and experiments by psychologists demonstrate individuals' recurrent struggle with cognitive dissonance as they seek to maintain, and pass on to their children, a view of the world where effort ultimately pays off and everyone gets their just deserts. This paper offers a model that helps explain: (i) why most people feel such a need to believe in a "just world"; (ii) why this need, and therefore the prevalence of the belief, varies considerably across countries; (iii) the implications of this phenomenon for international differences in political ideology, levels of redistribution, labor supply, aggregate income, and popular perceptions of the poor. The model shows in particular how complementarities arise endogenously between individuals' desired beliefs or ideological choices, resulting in two equilibria. A first, "American" equilibrium is characterized by a high prevalence of just-world beliefs among the population and relatively laissez-faire policies. The other, "European" equilibrium is characterized by more pessimism about the role of effort in economic outcomes and a more extensive welfare state. More generally, the paper develops a theory of collective beliefs and motivated cognitions, including those concerning "money" (consumption) and happiness, as well as religion"--National Bureau of Economic Research web site.
The simple economics of open source by Joshua Lerner ( Book )
7 editions published in 2000 in English and No Linguistic content and held by 73 libraries worldwide
There has been a recent surge of interest in open source software development, which involves developers at many different locations and organizations sharing code to develop and refine programs. To an economist, the behavior of individual programmers and commercial companies engaged in open source projects is initially startling. This paper makes a preliminary exploration of the economics of open source software. We highlight the extent to which labor economics, especially the literature on "career concerns," can explain many of these projects₂ features. Aspects of the future of open source development process, however, remain somewhat difficult to predict with "off-the-shelf" economic models.
Merchant transmission investment by Paul L Joskow ( Book )
8 editions published in 2003 in English and No Linguistic content and held by 70 libraries worldwide
We examine the performance attributes of a merchant transmission investment framework that relies on ₃market driven₄ transmission investment to provide the infrastructure to support competitive wholesale markets for electricity. Under a stringent set of assumptions, the merchant investment model has a remarkable set of attributes that appear to solve the natural monopoly problem and the associated need for regulating transmission companies traditionally associated with electric transmission networks. We expand the merchant model upon which these conclusions are based to incorporate imperfections in wholesale electricity markets, lumpiness in transmission investment opportunities, stochastic attributes of transmission networks and associated property rights definition issues, the effects of the behavior of system operators and transmission owners on transmission capacity and reliability, coordination and bargaining considerations, forward contract, commitment and asset specificity issues. Incorporating these more realistic attributes of transmission networks and the behavior of transmission owners and system operators significantly undermines the attractive properties of the merchant investment model. Relying primarily on a market driven investment framework to govern investment in electric transmission networks is likely to lead to inefficient investment decisions and undermine the performance of competitive markets for electricity. A significant research challenge is to design regulatory mechanisms for system operators and incumbent transmission owners and a better framework for defining transmission property rights that will stimulate efficient investments by regulated incumbent transmission owners and by merchant entrants responding to market opportunities when they are the most efficient suppliers.
The optimal design of unemployment insurance and employment protection : a first pass by Olivier Blanchard ( Book )
3 editions published in 2004 in English and held by 68 libraries worldwide
"Much of the policy discussion of labor market institutions has been at the margin, with proposals to tighten unemployment benefits, reduce employment protection, and so on. There has been little discussion however of what the ultimate goal and architecture should be. The paper focuses on characterizing this ultimate goal, the optimal architecture of labor market institutions. We start our analysis with a simple benchmark, with risk averse workers, risk neutral firms and random shocks to productivity. In this benchmark, we show that optimality requires both unemployment insurance and employment protection---in the form of layoff taxes; it also requires that layoff taxes be equal to unemployment benefits. We then explore the implications of four broad categories of deviations: limits on insurance, limits on layoff taxes, ex-post wage bargaining, and heterogeneity of firms or workers. We show how the architecture must be modified in each case. The scope for insurance may be more limited than in the benchmark; so may the scope for employment protection. The general principle remains however, namely the need to look at unemployment insurance and employment protection together, rather than in isolation"--National Bureau of Economic Research web site.
Reliability and competitive electricity markets by Paul L Joskow ( Book )
12 editions published between 2004 and 2007 in English and No Linguistic content and held by 67 libraries worldwide
"Despite all of the talk about deregulation' of the electricity sector, a large number of non-market mechanisms have been imposed on emerging competitive wholesale and retail markets. These mechanisms include spot market price caps, operating reserve requirements, non-price rationing protocols, and administrative protocols for managing system emergencies. Many of these mechanisms have been carried over from the old regime of regulated monopoly and continue to be justified as necessary responses to market imperfections of various kinds and engineering requirements dictated by the special physical attributes of electric power networks. This paper seeks to bridge the gap between economists focused on designing competitive market mechanisms and engineers focused on the physical attributes and engineering requirements they perceive as being needed for operating a reliable electric power system. The paper starts by deriving the optimal prices and investment program when there are price-insensitive retail consumers, and their load serving entities can choose any level of rationing they prefer contingent on real time prices. It then examines the assumptions required for a competitive wholesale and retail market to achieve this optimal price and investment program. The paper analyses the implications of relaxing several of these assumptions. First, it analyzes the interrelationships between regulator-imposed price caps, capacity obligations, and system operator procurement, dispatch and compensation arrangements. It goes on to explore the implications of potential network collapses, the concomitant need for operating reserve requirements and whether market prices will provide incentives for investments consistent with these reserve requirement"--National Bureau of Economic Research web site.
Achievement motivation Armed Forces--Procurement Assets (Accounting) Banking law Banks and banking--Government policy Banks and banking--State supervision Business enterprises--Finance Competition Computer software industry Corporate governance Corporations--Finance Credit Defense contracts Economics Economics, Mathematical Electric power consumption Electric power consumption--Mathematical models Electric power distribution--Mathematical models Electric utilities--Costs Energy development Europe Finance, Public Financial crises Financial services industry--State supervision Game theory Global Financial Crisis (2008-2009) Government purchasing History Incentive (Psychology) Incentives in industry Industrial organization (Economic theory) Industrial procurement International finance International Monetary Fund Job security Letting of contracts Liquidity (Economics) Monopolies Oligopolies--Mathematical models Patents Patents--Economic aspects Public utilities Self-confidence Social policy--Psychological aspects Technological innovations Technological innovations--Economic aspects Telecommunication Trade regulation Unemployment insurance United States
Tirole, J. 1953-
No Linguistic content (22)