Author: Silvia Dominguez Martinez
Publisher: Rozenberg Publishers
ISBN: 9051708661
Category :
Languages : en
Pages : 174

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Book Description

Author: Massimo Marrelli
Publisher: Springer Science & Business Media
ISBN: 1461515831
Category : Business & Economics
Languages : en
Pages : 212

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Book Description
The problems arising from the existence of asymmetric information in public decision making have been widely explored by economists. Most of the traditional analysis of public sector activities has been reviewed to take accountofthe possible distortions arising from an asymmetric distribution of relevant information among the actors of the public decision-making process. A normative approach has been developed to design incentive schemes which tackle adverse selection and moral hazard problems within public organisations: our understanding of these problems is now much better, and some of the mechanisms designed have had important practical implications. While this analysis is still under way in many fields of public economics, as the papers by Jones and Zanola, and Trimarchi witness, a debate is ongoing on the possible theoretical limitations ofthis approach and on its actual relevance for public sector activities. This book encompasses different contributions to these issues, on both theoretical and practical areas, which were firstly presented at a conference in Catania. The innermost problem in the current discussion arises from the fact that this normative analysis is firmly rooted in the complete contracting framework, with the consequence that, despite the analytical complexities of most models, their results rely on very simplified assumptions. Most complexities of the organisation of public sector, and more generally, of writing "contracts", are therefore swept away.

Author: Mr.Giovanni Dell'Ariccia
Publisher: International Monetary Fund
ISBN: 145195154X
Category : Business & Economics
Languages : en
Pages : 32

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Book Description
The paper analyzes the effects of informational asymmetries on the market structure of the banking industry in a multi-period model of spatial competition. All lenders face uncertainty with regard to borrowers’ creditworthiness, but, in the process of lending, incumbent banks gather proprietary information about their clients, acquiring an advantage over potential entrants. These informational asymmetries are an important determinant of the industry structure and may represent a barrier to entry for new banks. The paper shows that, in contrast with traditional models of horizontal differentiation, the steady-state equilibrium is characterized by a finite number of banks even in the absence of fixed costs.

Author: Patrick M. Emerson
Publisher:
ISBN:
Category : Economics
Languages : en
Pages :

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Author: Markus Konrad Brunnermeier
Publisher: Oxford University Press, USA
ISBN: 9780198296980
Category : Business & Economics
Languages : en
Pages : 264

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Book Description
The role of information is central to the academic debate on finance. This book provides a detailed, current survey of theoretical research into the effect on stock prices of the distribution of information, comparing and contrasting major models. It examines theoretical models that explain bubbles, technical analysis, and herding behavior. It also provides rational explanations for stock market crashes. Analyzing the implications of asymmetries in information is crucial in this area. This book provides a useful survey for graduate students.

Author: Daniel Kaimann
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Book Description
In four different chapters, I describe how signals of quality affect consumer perceptions and derive managerial implications and suggestions for future research. However, I focus on the analysis and the comparison of expressed opinions of professional critics and word-of-mouth and on the study of the commercial success of brand extension products and franchise titles. The four analyses of the entertainment market do not only differ in terms of the film and video game industry but also by the econometric approaches combining classical variable-oriented analyses and novel qualitative comparative analyses of signals. Variable-oriented analysis focuses on the empirical identification of the net effects of independent variables on one or more dependent variables. In variable-oriented analyses, linear, additive models test causality and are primarily based on correlation relationships. In contrast, qualitative comparative analysis studies causation with set-theoretic relationships. Whereas variable-oriented analysis is based on linear, additive models and thus on single paths that lead to the outcome of interest, qualitative comparative analysis is able to model multiple distinct causal paths to the outcome. In conclusion, this research introduces two different approaches for quantifying signaling effects that influence the purchase decisions of customers under asymmetric information. Using proprietary data from the motion-picture and video game industry, we specifically show that brand extension strategies and critical reviews from both professional critics and word-of-mouth may lead to high market performance. ; eng

Author: Edmundas Kazimieras Zavadskas
Publisher: Infinite Study
ISBN:
Category : Mathematics
Languages : en
Pages : 9

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Book Description
This Special Issue covers symmetry and asymmetry phenomena occurring in real-life problems. We invited authors to submit their theoretical or experimental research presenting engineering and economic problem solution models dealing with the symmetry or asymmetry of di erent types of information. The issue gained interest in the research community and received many submissions. After rigorous scientific evaluation by editors and reviewers, nine papers were accepted and published. The authors proposed di erent solution models as integrated tools to find a balance between the components of sustainable global development, i.e., to find a symmetry axis concerning goals, risks, and constraints to cope with the complicated problems. We hope that a summary of the Special Issue as provided in this editorial will encourage a detailed analysis of the papers.

Author: Ricardo N. Bebczuk
Publisher: Cambridge University Press
ISBN: 9780521797320
Category : Business & Economics
Languages : en
Pages : 176

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Book Description
Asymmetric information (the fact that borrowers have better information than their lenders) and its theoretical and practical evidence now forms part of the basic tool kit of every financial economist. It is a phenomenon that has major implications for a number of economic and financial issues ranging from both micro and macroeconomic level - corporate debt, investment and dividend policies, the depth and duration of business cycles, the rate of long term economic growth - to the origin of financial and international crises. Asymmetric Information in Financial Markets aims to explain this concept in an accessible way, without jargon and by reducing mathematical complexity. Using elementary algebra and statistics, graphs, and convincing real-world evidence, the author explores the foundations of the problems posed by asymmetries of information in a refreshingly accessible and intuitive way.

Author: P. Meddens
Publisher:
ISBN:
Category :
Languages : en
Pages : 87

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Book Description

Author: Christoph Schneeweiss
Publisher: Springer Science & Business Media
ISBN: 3540247246
Category : Business & Economics
Languages : en
Pages : 533

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Book Description
Distributed decision making (DDM) has become of increasing importance in quantitative decision analysis. In applications like supply chain management, service operations, or managerial accounting, DDM has led to a paradigm shift. The book provides a unified approach to such seemingly diverse fields as multi-level stochastic programming, hierarchical production planning, principal agent theory, negotiations or contract theory. Different settings like multi-level one-person decision problems, multi-person antagonistic planning, and leadership situations are covered. Numerous examples and real-life planning cases illustrate the concepts. The new edition has been considerably expanded by additional chapters on supply chain management, service operations and multi-agent systems.