In economics, industrial organization is a field that builds on the theory of the firm by examining the structure of firms and markets. Industrial organization adds real-world complications to the perfectly competitive model, complications such as transaction costs, limited information, and barriers to entry of new firms that may be associated with imperfect competition. It analyzes determinants of firm and market organization and behavior on a continuum between competition and monopoly, including from government actions.
In game theory, the best response is the strategy which produces the most favorable outcome for a player, taking other players' strategies as given. The concept of a best response is central to John Nash's best-known contribution, the Nash equilibrium, the point at which each player in a game has selected the best response to the other players' strategies.
Matthew Joel Rabin is the Pershing Square Professor of Behavioral Economics in the Harvard Economics Department and Harvard Business School. Rabin's research focuses primarily on incorporating psychologically more realistic assumptions into empirically applicable formal economic theory. His topics of interest include errors in statistical reasoning and the evolution of beliefs, effects of choice context on exhibited preferences, reference-dependent preferences, and errors people make in inference in market and learning settings.
An Edgeworth price cycle is cyclical pattern in prices characterized by an initial jump, which is then followed by a slower decline back towards the initial level. The term was introduced by Maskin and Tirole (1988) in a theoretical setting featuring two firms bidding sequentially and where the winner captures the full market.
Jean Tirole is a French economist who is currently a professor of economics at Toulouse 1 Capitole University. He focuses on industrial organization, game theory, banking and finance, and psychology. In particular, he focuses on the regulation of economic activity in a way that does not hinder innovation while maintaining fair rules.
The MIT Department of Economics is a department of the Massachusetts Institute of Technology in Cambridge, Massachusetts.
David Knudsen Levine is an American economist. He is the Leverhulme International Professor of Economics at Royal Holloway, University of London; Robert Schuman Center for Advanced Study Joint Chair at the European University Institute; and the John H. Biggs Distinguished Professor of Economics Emeritus at Washington University in St. Louis. He previously taught at UCLA where he held the Armen Alchian Chair in Economic Theory and twice served as Chair of the Department. His research includes the study of intellectual property and endogenous growth in dynamic general equilibrium models, the endogenous formation of preferences, social norms and institutions, learning in games, and game theory applications to experimental economics.
The Kinked-Demand curve theory is an economic theory regarding oligopoly and monopolistic competition. Kinked demand was an initial attempt to explain sticky prices.
Eric Stark Maskin is an American economist and mathematician. He was jointly awarded the 2007 Nobel Memorial Prize in Economic Sciences with Leonid Hurwicz and Roger Myerson "for having laid the foundations of mechanism design theory". He is the Adams University Professor and Professor of Economics and Mathematics at Harvard University.
Pradeep Dubey is an Indian game theorist. He is a Professor of Economics at the State University of New York, Stony Brook, and a member of the Stony Brook Center for Game Theory. He also holds a visiting position at Cowles Foundation, Yale University. He did his schooling at the St. Columba's School, Delhi. He received his Ph.D. in applied mathematics from Cornell University and B.Sc. from the University of Delhi. His research areas of interest are game theory and mathematical economics. He has published, among others, in Econometrica, Games and Economic Behavior, Journal of Economic Theory, and Quarterly Journal of Economics. He is a Fellow of The Econometric Society, ACM Fellow and a member of the council of the Game Theory Society.
Debraj Ray is an Indian-American economist, who is currently teaching and working at New York University. His research interests focus on development economics and game theory. Ray served as Co-editor of the American Economic Review between 2012 and 2020.
Frank Horace Hahn FBA was a British economist whose work focused on general equilibrium theory, monetary theory, Keynesian economics and critique of monetarism. A famous problem of economic theory, the conditions under which money, which is intrinsically worthless, can have a positive value in a general equilibrium, is called "Hahn's problem" after him. One of Hahn's main abiding concerns was the understanding of Keynesian (Non-Walrasian) outcomes in general equilibrium situations.
Ehud Kalai is a prominent Israeli American game theorist and mathematical economist known for his contributions to the field of game theory and its interface with economics, social choice, computer science and operations research. He was the James J. O’Connor Distinguished Professor of Decision and Game Sciences at Northwestern University, 1975–2017, and currently is a Professor Emeritus of Managerial Economics and Decision Sciences.
A Markov perfect equilibrium is an equilibrium concept in game theory. It has been used in analyses of industrial organization, macroeconomics, and political economy. It is a refinement of the concept of subgame perfect equilibrium to extensive form games for which a pay-off relevant state space can be identified. The term appeared in publications starting about 1988 in the work of economists Jean Tirole and Eric Maskin.
Sanjeev Goyal FBA is an Indian-British economist, best known for his pioneering research on networks.
Xavier Vives is a Spanish economist regarded as one of the main figures in the field of industrial organization and, more broadly, microeconomics. He is currently Chaired Professor of Regulation, Competition and Public Policies, and academic director of the Public-Private Sector Research Center at IESE Business School in Barcelona.
Larry Samuelson is the A. Douglas Melamed Professor of Economics at Yale University and one of the faculty of the Cowles Foundation of Yale University.
The Nancy L. Schwartz Memorial Lecture is a series of public lectures held every year by the Kellogg Department of Managerial Economics and Decision Sciences of Northwestern University.
Peter Klibanoff is an American economist who is currently John L. and Helen Kellogg Professor of Managerial Economics & Decision Sciences at the Kellogg School of Management.
Vincent P. Crawford is an American economist. He is a senior research fellow at the University of Oxford, following his tenure as Drummond Professor of Political Economy from 2010 to 2020. He is also research professor at the University of California, San Diego.
