Background
Telser, Lester Greenspan was born on January 3, 1931 in Chicago, Illinois, United States. Son of Asher and Edith (Greenspan) Telser.
( This original, quantitatively oriented analysis applies...)
This original, quantitatively oriented analysis applies the theory of the core to define competition in order to describe and deduce the consequences of competitive and non-competitive behavior. Written by one of the world's leading mathematical economists, the book is mathematically rigorous. No other book is currently available giving a game theoretic analysis of competition with basic mathematical tools. Economic theorists have been working on a new and fundamental approach to the theory of competition and market structure, an approach inspired by appreciation of the earlier work of Edgeworth and Bohm-Bawerk and making use of the new tools of the theory of games as developed by von Neumann and Morgenstern. This new approach bases itself on the analysis of competitive behavior and its implications for the characteristics of market equilibrium rather than on assumptions about the characteristics of competitive and monopolistic markets. Its central concept is "the theory of the core of the market," and it is concerned, with the conditions under which markets will or will not achieve the characteristics of uniform prices and welfare optimality. Telser provides a number of insights into the symptoms of competition, when and how competition is bought into play, the mechanisms of competition and collusion, the results of competition and collusion, and the results of competition and collusion for the economy and for the general public. Many misconceptions about the nature of a competitive equilibrium are dispelled. The book is not only a mathematical analysis of core price theory but also contains extensive empirical research in private industry. These empirical findings, from research pursued over several years, enhance understanding of how competition works and of the determinants of the returns to manufacturing industries.
http://www.amazon.com/gp/product/0202060438/?tag=2022091-20
( An important tenet of game theory, core theory has none...)
An important tenet of game theory, core theory has nonetheless been all but ignored by the mainstream. Its basic premise is that individuals band together in order to promote their interests as much as possible. The return to an individual depends on competition among various coalitions for its membership, and a group of people can obtain a joint maximum by suitable coordinated actions. In this key title, Lester Telser investigates the following issues: • Markets • Multiproduct Industry Total Cost Functions with Avoidable Costs • Critical Analyses of Noncooperative Equilibria. Through these distinct sections, Telser skilfully brings the ideas of core theory to bear on a range of issues within economics – with particular emphasis on supply and demand and the way markets function.
http://www.amazon.com/gp/product/041549365X/?tag=2022091-20
(This book looks at competition in a new way. It attacks t...)
This book looks at competition in a new way. It attacks the notion that competition always leads to good results and that more competition is better. It also attacks the notion that cooperation is always harmful. An efficient economic equilibrium requires an optimal combination of both cooperation and rivalry. Telser first examines the genesis of certain late nineteenth-century laws that affected competition in the United States. Going on to give new theoretical insights into cooperation and rivalry, he shows when unrestricted competition can lead to an efficient equilibrium, as well as when restrictions on competition can provide for the same. The tensions between these two forces are especially pertinent to the study of innovation--the more costly it is to protect the property rights of ideas, the greater is the reliance on secrecy, and hence, the more likely is the wasteful duplication of results.
http://www.amazon.com/gp/product/0521306191/?tag=2022091-20
( This original, insightful book explores how competition...)
This original, insightful book explores how competition among coalitions for members explains which profit-seeking joint ventures of labor and capital form and can survive. The nature, direction, and control of investments by these joint ventures, the division of labor, and the determinants of wages are among the main topics. The principal approach is core theory, whose sources lie in game theory with deep roots in neoclassical economics. Core theory remains unrivaled as a tool for studying competition, especially in markets. Lester G. Telser uses core theory to explain under what conditions a corporation, mutual fund, or cooperative can survive. He also describes, in terms of the nature and diversity of the projects, the types of investors conducive to the stability of their joint ventures. Core theory can answer several important but overlooked questions about wages. Among these are the relation between ability and wages as well as the relation between the size of a joint venture and the wage formulas conducive to its stability. Joint Ventures of Labor and Capital will be important to teachers, researchers, and advanced students of economics. Since business practices are always in the forefront, faculties and students in business schools will have a keen interest in this book. Because of the emphasis on the subtleties of competition, it will also prove useful to students and practitioners in law and economics. Lester G. Telser is Professor of Economics, University of Chicago.
http://www.amazon.com/gp/product/0472108662/?tag=2022091-20
Telser, Lester Greenspan was born on January 3, 1931 in Chicago, Illinois, United States. Son of Asher and Edith (Greenspan) Telser.
Bachelor of Arts, Roosevelt U., 1951; student, Harvard, 1951-1952; A.M., University of Chicago, 1953; Doctor of Philosophy in Economics, University of Chicago, 1956.
Assistant professor economics Iowa State University, 1956. Member faculty Graduate School Business, University Chicago, 1958-1964. Professor economics University Chicago, 1965—1998, professor emeritus, since 1998.
Consultant to industry, since 1964.
( This original, quantitatively oriented analysis applies...)
( This original, insightful book explores how competition...)
( An important tenet of game theory, core theory has none...)
(This book looks at competition in a new way. It attacks t...)
(Competition, collusion and game theory.)
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Author: Competition, Collusion and Game Theory, 1972, Functional Analysis in Mathematical Economics, 1972, Economic Theory and the Core, 1978, A Theory of Efficient Cooperation and Competition, 1987, Theories of Competition, 1988, Joint Ventures of Labor and Capital, 1997, Classic Futures, 2000, The Core Theory in Ecomonics: Problems and Solutions, 2007.
Served with Army of the United States, 1956-1958. Fellow American Statistical Association (associate editor journal 1966-1969), Econometric Society. Member American Economics Association.
Married Sylvia R. Trossman, June 24, 1956. Children– Joshua, Tamar.