Author: Jean-Jacques Laffont
Publisher: Harvard University Press
ISBN: 9780674265554
Category : Business & Economics
Languages : en
Pages : 160
Book Description
These three elegant essays develop principles central to the understanding of the diverse ways in which imperfect information affects the distribution of resources, incentives, and the evaluation of economic policy. The first concerns the special role that information plays in the allocation process when it is possible to improve accuracy through private investment. The common practice of hiring "experts" whose information is presumably much better than their clients' is analyzed. Issues of cooperative behavior when potential group members possess diverse pieces of information are addressed. Emphasis is placed on the adaptation of the "core" concept from game theory to the resource allocation model with differential information. The second essay deals with the extent to which agents can influence the random events they face. This is known as moral hazard, and in its presence there is a potential inefficiency in the economic system. Two special models are studied: the role of moral hazard in a monetary economy, and the role of an outside adjudicatory agency that has the power to enforce fines and compensation. The final essay discusses the problem of certainty equivalence in economic policy. Conditions under which a full stochastic optimization can be calculated by solving a related, much simpler "certainty equivalence" problem are developed. The reduction in the complexity of calculation involved is very great compared with the potential loss of efficiency.
Essays in the Economics of Uncertainty
Author: Jean-Jacques Laffont
Publisher: Harvard University Press
ISBN: 9780674265554
Category : Business & Economics
Languages : en
Pages : 160
Book Description
These three elegant essays develop principles central to the understanding of the diverse ways in which imperfect information affects the distribution of resources, incentives, and the evaluation of economic policy. The first concerns the special role that information plays in the allocation process when it is possible to improve accuracy through private investment. The common practice of hiring "experts" whose information is presumably much better than their clients' is analyzed. Issues of cooperative behavior when potential group members possess diverse pieces of information are addressed. Emphasis is placed on the adaptation of the "core" concept from game theory to the resource allocation model with differential information. The second essay deals with the extent to which agents can influence the random events they face. This is known as moral hazard, and in its presence there is a potential inefficiency in the economic system. Two special models are studied: the role of moral hazard in a monetary economy, and the role of an outside adjudicatory agency that has the power to enforce fines and compensation. The final essay discusses the problem of certainty equivalence in economic policy. Conditions under which a full stochastic optimization can be calculated by solving a related, much simpler "certainty equivalence" problem are developed. The reduction in the complexity of calculation involved is very great compared with the potential loss of efficiency.
Publisher: Harvard University Press
ISBN: 9780674265554
Category : Business & Economics
Languages : en
Pages : 160
Book Description
These three elegant essays develop principles central to the understanding of the diverse ways in which imperfect information affects the distribution of resources, incentives, and the evaluation of economic policy. The first concerns the special role that information plays in the allocation process when it is possible to improve accuracy through private investment. The common practice of hiring "experts" whose information is presumably much better than their clients' is analyzed. Issues of cooperative behavior when potential group members possess diverse pieces of information are addressed. Emphasis is placed on the adaptation of the "core" concept from game theory to the resource allocation model with differential information. The second essay deals with the extent to which agents can influence the random events they face. This is known as moral hazard, and in its presence there is a potential inefficiency in the economic system. Two special models are studied: the role of moral hazard in a monetary economy, and the role of an outside adjudicatory agency that has the power to enforce fines and compensation. The final essay discusses the problem of certainty equivalence in economic policy. Conditions under which a full stochastic optimization can be calculated by solving a related, much simpler "certainty equivalence" problem are developed. The reduction in the complexity of calculation involved is very great compared with the potential loss of efficiency.
Uncertainty and Economic Evolution
Author: John L. Lott Jr.
Publisher: Routledge
ISBN: 1134745605
Category : Business & Economics
Languages : en
Pages : 304
Book Description
The theory of the firm has recently undergone a dramatic transformation, drawing heavily on the pathbreaking work of Armen Alchian. This volume explores his contribution to the debate, including essays by Harold Demetz, Ben Klein, Jerry Jordan and Art Devany.
Publisher: Routledge
ISBN: 1134745605
Category : Business & Economics
Languages : en
Pages : 304
Book Description
The theory of the firm has recently undergone a dramatic transformation, drawing heavily on the pathbreaking work of Armen Alchian. This volume explores his contribution to the debate, including essays by Harold Demetz, Ben Klein, Jerry Jordan and Art Devany.
Essays in the Economics of Uncertainty
Author: Mark Joseph Machina
Publisher:
ISBN:
Category : Risk
Languages : en
Pages : 324
Book Description
Publisher:
ISBN:
Category : Risk
Languages : en
Pages : 324
Book Description
Essays on Economic Decisions Under Uncertainty
Author: Jacques Drèze
Publisher: CUP Archive
ISBN: 9780521386975
Category : Business & Economics
Languages : en
Pages : 460
Book Description
Professor Dreze is a highly respected mathematical economist and econometrician. This book brings together some of his major contributions to the economic theory of decision making under uncertainty, and also several essays. These include an important essay on 'Decision theory under moral hazard and state dependent preferences' that significantly extends modern theory, and which provides rigorous foundations for subsequent chapters. Topics covered within the theory include decision theory, market allocation and prices, consumer decisions, theory of the firm, labour contracts, and public decisions.
Publisher: CUP Archive
ISBN: 9780521386975
Category : Business & Economics
Languages : en
Pages : 460
Book Description
Professor Dreze is a highly respected mathematical economist and econometrician. This book brings together some of his major contributions to the economic theory of decision making under uncertainty, and also several essays. These include an important essay on 'Decision theory under moral hazard and state dependent preferences' that significantly extends modern theory, and which provides rigorous foundations for subsequent chapters. Topics covered within the theory include decision theory, market allocation and prices, consumer decisions, theory of the firm, labour contracts, and public decisions.
Essays in the Economics of Uncertainty
Author: Michel Demers
Publisher:
ISBN:
Category : Economic forecasting
Languages : en
Pages : 205
Book Description
Publisher:
ISBN:
Category : Economic forecasting
Languages : en
Pages : 205
Book Description
Essays in the Economics of Uncertainty
Author: Oliver Simon d'Arcy Hart
Publisher:
ISBN:
Category :
Languages : en
Pages : 258
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 258
Book Description
Essays on Economic Behavior Under Uncertainty
Author: Michael Balch
Publisher: North-Holland
ISBN:
Category : Business & Economics
Languages : en
Pages : 464
Book Description
Publisher: North-Holland
ISBN:
Category : Business & Economics
Languages : en
Pages : 464
Book Description
Handbook of the Economics of Risk and Uncertainty
Author: Mark Machina
Publisher: Newnes
ISBN: 0444536868
Category : Business & Economics
Languages : en
Pages : 897
Book Description
The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments. Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance Divides coverage between theoretical, empirical, and experimental findings Makes the economics of risk and uncertainty accessible to scholars in fields outside economics
Publisher: Newnes
ISBN: 0444536868
Category : Business & Economics
Languages : en
Pages : 897
Book Description
The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments. Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance Divides coverage between theoretical, empirical, and experimental findings Makes the economics of risk and uncertainty accessible to scholars in fields outside economics
Essays in the Economics of Uncertainty
Author: Oliver D. Hart
Publisher:
ISBN:
Category :
Languages : en
Pages : 129
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 129
Book Description
Three Essays in the Economics of Uncertainty
Author: David Aaron Sykes
Publisher:
ISBN:
Category : Probabilities
Languages : en
Pages : 270
Book Description
Publisher:
ISBN:
Category : Probabilities
Languages : en
Pages : 270
Book Description