Discovering Prices

Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.

Debates about public expenditure in the agricultural sector have reopened in many developing and emerging economies because of high budget deficits and changes in public opinion. As a result, agricultural policy in many of these countries is beginning to take a more market-oriented approach to agrarian problems, most notably through the introduction of contract farming. This book explores the policy issues around contract farming and its transformative potential and addresses the lack of empirical research on this topic by focusing on South Asia: principally India, Bangladesh and Nepal. The book first addresses the effects of contract farming (vertical coordination) on productivity, food security indicators (yield, consumption expenditures, prices), employment and input usage. Then it draws lessons from the South Asian case studies on the impact of institutional changes, like contract farming, on income and food security of smallholder households. The core of the book includes case study chapters on several commodities that are produced under contract farming, including vegetables and fisheries in Bangladesh, low-value crops in Nepal and coffee in India. Other chapters also explore contracts, storage, input usage and technical efficiency in these cases. This book serves as an essential guide to academics, researchers, students, legislative liaisons and think tank groups interested in agrarian issues, agricultural economics and agricultural policy in emerging economies and particularly in South Asia.

"I recommend this book wholeheartedly to new music lovers" Sir Charles Groves CBE Thanks to Nigel Kennedy and Pavarotti, millions of people have recently discovered that classical music is a highly enjoyable experience, perhaps contrary to their expectations. But the world of classical music can be highly intimidating and confusing. Ian Christians, for many years a passionate believer in broadening the interest in classical music, has developed a unique approach, designed to make it as easy as possible for both newcomers to classical music and those who have started down the path to explore with confidence. Discovering Classical Music concentrates on the greatest composers. The author takes you step-by-step into their most approachable music and, in some cases, boldly into some of the greatest works traditionally considered too difficult for newcomers. Rarely does a book offer such potential for continued enjoyment.This volume concentrates on the life, personality and music of Edward William Elgar.

The field report looks at the economic developments and regional industrial growth with the discovery of oil. It also discusses the different implications on regional political relations as a result of the quantity and geographical territories in which the oil was found. More specifically, the paper attempts a legal-empirical analysis of production sharing contracts in the Indonesian petroleum industry.

With the latest edition of this classroom success, Shelly and Cashman have successfully blended coverage of cutting-edge technology with core computer concepts to make learning about computers interesting and easy. Discovering Computers 2001: Concepts for a Connected World fosters online course development with its integration of the World Wide Web and enhanced end-of-chapter material supported by WebCT and CyberClass.

Drug discovery increasingly requires a common understanding by researchers of the many and diverse factors that go into the making of new medicines. The scientist entering the field will immediately face important issues for which his education may not have prepared him: project teams, patent law, consultants, target product profiles, industry trends, Gantt charts, target validation, pharmacokinetics, proteomics, phenotype assays, biomarkers, and many other unfamiliar topics for which a basic understanding must somehow be obtained. Even the more experienced scientist can find it frustratingly difficult to get an overview of the many factors involved in modern drug discovery and often only after years of exploring does a whole and integrated picture emerge in the mind of the researcher. Real World Drug Discovery: A Chemist’s Guide to Biotech and Pharmaceutical Research presents this kind of map of the landscape of drug discovery. In a single, readable volume it outlines processes and explains essential concepts and terms for the recent science graduate wondering what to expect in pharma or biotech, the medicinal chemist seeking a broader and more timely understanding of the industry, or the contractor or collaborator whose understanding of the commercial drug discovery process could increase the value of his contribution to it. Interviews with well-known experts in many of the fields involved, giving insightful comments from authorities on many of the sub-disciplines important to cutting edge drug discovery. Helpful suggestions gleaned from years of experience in biotech and pharma, which represents a repository drug discovery "lore" not previously available in any book. "Periodic Table of Drugs" listing current top-selling drugs arranged by target and laid out so that structural similarities and differences are plain and clear. Extensive use of diagrams to illustrate concepts like biotech startup models, preteomic profiling for target identification, Gantt charts for project planning, etc.