Author: B. Hillier
Publisher: Bloomsbury Publishing
ISBN: 1349254851
Category : Business & Economics
Languages : en
Pages : 199
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Book Description
This book presents recent developments in the economics of asymmetric information. The problems of selection and moral hazard, with hidden actions or hidden information, are introduced by examining how they affect the market for investment finance. The ideas are then used to analyse the market for insurance, signalling and screening models of education, efficiency wages, industrial regulation, public procurement and auctions. Coverage is thorough while avoiding excessive mathematical detail. Diagrams and verbal reasoning make the ideas accessible to intermediate level undergraduate students and beyond.
Author: Weijun Wang
Publisher: Springer
ISBN: 0387754660
Category : Computers
Languages : en
Pages : 697
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Book Description
The IFIP series publishes state-of-the-art results in the sciences and technologies of information and communication Proceedings and post-proceedings of referred international conferences in computer science and interdisciplinary fields are featured. These results often precede journal publication and represent the most current research. The principal aim of the IFIP series is to encourage education and the dissemination and exchange of information about all aspects of computing.
Author: Massimo Marrelli
Publisher: Springer Science & Business Media
ISBN: 9780792372387
Category : Business & Economics
Languages : en
Pages : 228
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Book Description
The issue of asymmetric information and public decision-making has been widely explored by economists. Most of the traditional analysis of public sector activities has been reviewed to take account of the different incentive problems arising from an asymmetric distribution of relevant information among the actors of the public decision-making process. A normative approach has been developed, mainly employing the principal agent paradigm to design incentive schemes which tackle adverse selection and moral hazard problems within public organizations. Still, this analysis is under way in many fields of public economics. However, a debate is ongoing on the theoretical limitations of this approach and on its relevance for the actual public sector activities. Public Decision-Making Processes and Asymmetry of Information encompasses different contributions to these issues, on both theoretical and practical areas. 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 organization of public sector, and more generally, of writing "contracts", are therefore swept away. Once the need for an incomplete contracting approach is recognized, the question becomes how to relax some of the assumptions characterizing the complete contracting framework, without getting ad hoc results. The Introduction to this book, written by Jean Jacques Laffont, sets the general grid to interpret the position of its papers in this debate. The four papers in Part 1 of the book are devoted to developing the analysis of some of the theoretical issues mentioned in the Introduction. Part 2 is devoted to discussing the applications of the theory to different public sector activities.
Author: Scott J. Muller
Publisher: Springer Science & Business Media
ISBN: 3540698841
Category : Computers
Languages : en
Pages : 174
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Book Description
This book gathers concepts of information across diverse fields –physics, electrical engineering and computational science – surveying current theories, discussing underlying notions of symmetry, and showing how the capacity of a system to distinguish itself relates to information. The author develops a formal methodology using group theory, leading to the application of Burnside's Lemma to count distinguishable states. This provides a tool to quantify complexity and information capacity in any physical system.
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: Jan W. Wiktor
Publisher: Routledge
ISBN: 1000454037
Category : Business & Economics
Languages : en
Pages : 230
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Book Description
Advertising is a company’s major form of communication with the market; it is a component of the IMC system, having a special impact on the addressee, and is a form of persuasive communication affecting consumer behaviour. Advertising may reflect information asymmetry between an advertiser and recipients. This book presents an assessment of the forms and range of consumer behaviour manipulation through information asymmetry in online advertising and explores the possible causes, forms, and effects. The work offers a new approach to the role of advertising in the digital world, especially its forms and impact strategies. The theoretical framework presented is based on issues related to online advertising, information asymmetry, and social manipulation. The book describes the ways in which these areas can be explored, and it presents the results of empirical studies. Empirical research allows for identifying companies’ moral hazard strategies and their consequences – e-consumers’ adverse selection. The research provides an empirical answer to the question: to what extent is advertising a transparent form of communication, and to what extent does it represent the world of manipulation? Based on an interdisciplinary theoretical approach, empirical studies conducted by the authors, and theoretical and managerial implication, the book encourages its readers to find their own answers. Given the interdisciplinary nature of this work, it will be of interest to scholars and researchers within the fields of marketing, media and communication, economics, psychology, sociology, and ethics.
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: Anthony J. Cataldo
Publisher: Elsevier
ISBN: 9780762308743
Category : Business & Economics
Languages : en
Pages : 336
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Book Description
Seeks to provide a theoretical foundation and linkage between financial and managerial accounting. After providing the theoretical foundation for information asymmetry in the first three sections, this monograph emphasises on case studies.
Author:
Publisher: Springer
ISBN: 9783319153469
Category : Business & Economics
Languages : en
Pages : 2500
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Book Description
The second edition of this exhaustive work (ECIIE) comprehensively covers the broad spectrum of topics relating to the process of creativity and innovation, from a wide variety of perspectives (e.g., economics, management, psychology, anthropology, policy, technology, education, the arts) and modes (individual, organization, industry, nation, region). This edition includes some 400 topical entries, definitions of key terms and concepts and review essays, from a global array of more than 250 researchers, business executives, policymakers, and artists, illuminating the many facets of creativity and innovation and highlighting their relationships to such universal concepts as knowledge management, economic opportunity, and sustainability. Entries feature description of key concepts and definition of terms, full-color illustrations, case examples, future directions for research and application, synonyms and cross-references and bibliographic references.
Author: Ramesh K S Rao
Publisher: World Scientific
ISBN: 9814551325
Category : Business & Economics
Languages : en
Pages : 174
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Book Description
A corporate manager typically oversees several ongoing projects and has the opportunity to invest in new projects that add wealth to the stockholders. Such new projects include expanding the corporation's existing business, entering into a new line of business, acquiring another business, and so on. If the firm does not have sufficient internal capital (cash) to finance the initial investment, the manager must enter into a transaction with outside investors to raise additional funds.In this situation, the manager of a public corporation faces two key decisions:Modern corporate finance theory, originating with the seminal work of Merton Miller and Franco Modigliani, has demonstrated that these decisions depend on the information that the manager and investors have about the firm's future cash flows.In this book, the authors examine these decisions by assuming that the manager has private information about the firm's future cash flows. They provide a unified framework that yields new theoretical insights and explains many empirical anomalies documented in the literature.
