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Cover -- Half Title -- Title Page -- Copyright Page -- Contents -- Foreword -- Acknowledgments -- Introduction -- I . APPLICATIONS OF CORE THEORY TO MARKET EXCHANGE -- 1. Introduction -- 2. Consumer Surplus and Transferable Utility -- 3. Some Simple Trading Situations -- 4. m Owners and n Nonowners -- 5. The Basic Core Constraints -- 6. Market Efficiency and Honest Brokers -- 7. Multiunit Trade -- 8. Increasing Returns and Public Goods from the Viewpoint of the Core -- 9. A Brief Historical Note -- Appendix: Consumer Surplus -- II. FURTHER APPLICATIONS OF CORE THEORY TO MARKET EXCHANGE -- 1. Introduction -- 2. Balanced Collections of Coalitions -- 3. Empty Cores -- 4. The Feasibility of Trade -- 5. Group Rationality with Multiunit Trade -- 6. Competition and Numbers -- 7. The Number of Traders and the Emptiness of the Core -- 8. Conclusions -- III. APPLICATIONS OF THE CORE TO OLIGOPOLY -- 1. Introduction -- 2. Properties of the Core under Constant Returns -- 3. The Cournot-Nash Theory of Duopoly for Finite Horizons -- 4. The Cournot-Nash Theory of Duopoly for Infinite Horizons -- IV. THEORIES OF EXPECTATIONS FOR N COMPETING FIRMS -- 1. Introduction -- 2. Expectation Models with Quantity as the Policy Variable -- 3. Expectation Models for Price as the Policy Variable -- 4. Summary -- V. COMPETITION OR COLLUSION? -- 1. Introduction -- 2. The Nature of Competition and Collusion -- 3. Equilibrium with Product Variety Illustrated for Spatial Competition -- 4. The Costs of Maintaining Collusion -- 5. Sharing the Collusive Return -- VI. THE MONOPOLY AND COURNOT-NASH EQUILIBRIA UNDER DYNAMIC CONDITIONS -- 1. Introduction -- 2. Dynamic Demand Relations -- 3. Some Fundamentals on Optimal Policies -- 4. The Solvability of Certain Linear Equations -- 5. Properties of the Cooperative and Noncooperative Dynamic Equilibria -- 6. Conclusions

"The Core Theory in Economics illustrates the various arenas in which Core Theory can be applied, including; the working of markets, applications to the gold standard that illuminate Hume's quantity theory of money, supply responses requiring solutions of combinatorial problems, successful deregulations of markets and game theory."--Jacket

This 1987 book looks at competition, attacking 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 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