Market Failures and Economic Regulation
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Published:
Aug 3, 2022
Keywords:
legal system, economic theory, market failure, regulation
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Abstract
A country’s economic dream is to build ideal markets where suppliers and demanders honestly and efficiently meet their needs with fair and balanced prices. However, in reality, these types of markets are almost nil, since, with the existence of Information asymmetries, the perspective changes and from ideal markets, it changes to markets with failures, since when there are gaps in data, figures, and others, the participants in these markets do not synchronize with their parts. Consequently, there is no perfection in their transactions, and therefore, their activity and performance would not reach the most convenient standards in the commercialization of their goods or services since their decisions will not be the most optimal. With market failures, the State, through its control bodies, creates market rules and applies regulatory norms to appeal to any type of failure committed in the market.
JEL CODE: K, K0
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Bravo Loza , S. G. ., Cabezas Nazate , J. S. ., Rodríguez Carrillo, J. E. ., Sghirla Ayala, G. A. ., & Valencia García, K. D. . (2022). Market Failures and Economic Regulation. Revista De La Facultad De Jurisprudencia., 1(13). https://doi.org/10.26807/rfj.vi.459
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Baca, G. (May 12, 2001). Project Evaluation. Econforesyproyec. Retrieved from: https://econforesyproyec.files.wordpress.com/2014/11/evaluacion-de-proyectos-gabriel-baca-urbina-corregido.pdf
Bagattin, J. (2018). Free rider rationality in public goods provided by the State. An investigation on the free-rider behaviour of the delinquent taxpayers of the Urban Services Tax of the city of Mar del Plata (Doctoral dissertation, Universidad Nacional de Mar del Plata).
Benegas-Lynch, A. (1998). Public goods, externalities and free-riders: the argument reconsidered. Acta Académica, 22, pp. 62-68.
Bou, E. A. (2009). Microeconomics ll Externalities. Repository of selected papers in economics, mathematical economics, social sciences and philosophy. Retrieved from: http://ebour.com.ar/index.php?option=com_content&task=view&id=153&Itemid=71
Cabello, A. (August 16, 2016). Oligopsony. Economipedia. Retrieved from: https://economipedia.com/definiciones/oligopsonio.html
Caurin, J. (February 21, 2018). Commercialization. Emprendepym. Retrieved from: https://www.emprendepyme.net/comercializacion
Ciribeli, J. P. & Miquelito, S. (2015). Market segmentation by psychographic criterion. Visión de futuro, 19 (1), pp. 33-50. https://dialnet.unirioja.es/servlet/articulo?codigo=5232058
Constituent Assembly of Ecuador. Constitution of Ecuador. (2008). R. O. 449 of October 20, 2008.
Durán, R., Quirós, J. C., & Rojas, M. (July 16, 2009). Competitiveness Analysis of the Costa Rican Financial System.
Fisher, L. (2011). Markets and Market Segmentation. Mexico: McGraw-Hill.
Fuenmayor, A. (June 2017). Formación del precio. Universidad Nacional Experimental de los Llanos "Ezequiel Zamor”. Retrieved from: https://anafuenmayorsite.files.wordpress.com/2017/08/modulo-iii-formacion-del-precio.pdf
Garcia, E. (May 26, 2014). Mercado real. Scribd. Retrieved from: https://es.scribd.com/document/226233509/Mercado-Real
Gonzales, R. M. (2014). Marketing in the 21st century. In R. M. Gonzales, Marketing in the 21st century (pp. 1-50). Spain: CEF.
Gonzales, Y. (September 30, 2020). What is the concept of Asymmetric Information? Retrieved from: https://protecciondatos-lopd.com/empresas/informacion-asimetrica/#:~:text=A%20market%20with%20few%20buyers,sellers%20is%20called%20a%20denominated%20dense%20market%20dense.
Guido, J. (2008). The Free Market. Alabama: MisesInstitute.
Hülsmann, J. G. (June 09, 2008). What causes Moral Hazard. Retrieved from: https://mises.org/es/library/que-causa-riesgo-moral
Jiménez, A. (March 14, 2012). Que es la competencia imperfecta, monopolios y oligopolios. El Blog Salmón. Retrieved from: https://www.elblogsalmon.com/conceptos-de-economia/que-es-la-competencia-imperfecta-monopolios-y-oligopolios
Kotler, P., & Lane Keller, K. (2012). Marketing management. Retrieved from: http://www.montartuempresa.com/wp-content/uploads/2016/01/direccion-de-marketing-14edi-kotler1.pdf
Malloy, R. P. (2007). Law and Economics. Marcial Pons.
Mankiw, G. (2012). Principles of Economics. Mexico: Ricardo H. Rodríguez.
Marshall, A. (2017). Classical school of imperfect economics competition. Polyconomnics. Retrieved from: https://policonomics.com/es/oferta-demanda/
McGraw-Hill. (June 17, 2019). Asymmetric information. Retrieved from: https://www.mheducation.es/blog/la-informacion-asimetrica
Miranda, J. J. (2012). Gestion de Proyectos. Retrieved from: https://www.academia.edu/17688636/Gesti%C3%B3n_de_Proyectos_Juan_Jose_Miranda_Miranda
Monica. (April 01, 2002). The Economics of Asymmetric Information: Microfoundations of Imperfect Competition. Retrieved from: https://www.redalyc.org/pdf/376/37601903.pdf
Muñiz, R. (2021). Marketing in the 20th Century. Retrieved from: http://pdfi.cef.es/marketing_en_el_siglo_xx1_freemium/files/assets/common/downloads/publication.pdf
National Congress of Ecuador. Civil Code. (2005). R. O. 46 of June 24, 2005.
Perrotiní, I. (2002). La Economía de la Información asimétrica: Microfundamentos de competencia imperfecta. Aportes, VII (019), pp. 59-67. Retrieved from https://www.redalyc.org/pdf/376/37601903.pdf
Pimiento, J. (2019). The economic exploitation of public use goods. Revista Digital de Derecho Administrativo, (22), pp. 35-59. Retrieved from: https://www.redalyc.org/jatsRepo/5038/503860786003/html/index.html
Pindyck, R., & Rubinfeld, R. (2009). Microeconomics Seventh Edition. Pearson Educación. S.A. Retrieved from: https://danielmorochoruiz.files.wordpress.com/2017/01/microeconomia_-_pyndick.pdf
Polyconomics. (2017). Economics of information economics I: Moral hazard. Retrieved from Policonomics: https://policonomics.com/es/lp-economia-informacion1-riesgo-moral/#:~:text=How%20sign%20the%20economist%20Paul,example%3A%20the%20premiums%20of%20insurance.
Rodríguez, G. (2013). Protección al consumidore información espontánea:Fuentes de informacion y Autocorrectivos de Mercado. Revista de Economia y Derecho, 10 (39).
Safar, M. (March 31, 2021). Market Failures and Economic Regulation. Belatin 2021-I International Conferences: 30/03/2021. [Youtube]. Retrieved from: https://www.youtube.com/watch?v=PXXEmOSc25k&t=3945s
Sampedro, J. L. (2020). El mercado y la globalización. Madrid: Ediciones Destino.
Sghirla, G. (2021). Market Failures and Economic Repression. Quito.
Superintendence for the Control of Market Power. (May 20, 2020). Guia de aplicacion de lad conductas desleales contenidas en la Ley Organica de Regulacion y Control del poder de Mercado. Retrieved from: https://www.scpm.gob.ec/sitio/wp-content/uploads/2020/05/Gui%CC%81a-de-pra%CC%81cticas-desleales-20.5.2020.pdf
Valdés, V. (2013). Market and government failures in the mexican aeronautical sector. Revista de Economía Institucional, 15 (29), pp. 253-283. Retrieved from: https://www.redalyc.org/pdf/419/41929178012.pdf
Varela, R. (August 27, 2019). Sales prices. Numdea. Retrieved from: https://numdea.com/precio-de-venta.html
Vidaurre, M. A. (2020). Fundamentos de microeconomia. Lima: Universidad de Lima.
Westreicher, G. (05 13, 2019). Market Structure. Economioedia. Retrieved from: https://economipedia.com/definiciones/estructura-del-mercado.html