The microeconomics of market failures

"In this book Bernard Salanie studies the circumstances under which competitive markets fail to achieve a socially optimal equilibrium and the interventions that are used to remedy these market failures. The discussion focuses on the microeconomic aspects of market failures, encompassing theories of collective decision making, welfare economics, and industrial organization.

The book concludes with a chapter considering the theory of general equilibrium in incomplete markets, and the implications this theory poses for dealing with market failures."--BOOK JACKET.