Author: David Aaron Sykes
Publisher:
ISBN:
Category : Probabilities
Languages : en
Pages : 270
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
Three Essays in the Economics of Uncertainty
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.
Time, Uncertainty, and Conflict
Author: Rolando Moises Guzman-Garcia
Publisher:
ISBN:
Category :
Languages : en
Pages : 272
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 272
Book Description
Three Essays on Competition Under Uncertainty
Author: Jongwoo Park
Publisher:
ISBN: 9781124734514
Category : Competition
Languages : en
Pages : 81
Book Description
Publisher:
ISBN: 9781124734514
Category : Competition
Languages : en
Pages : 81
Book Description
Three Essays in International Trade and Uncertainty
Author: Richard Edward Baldwin
Publisher:
ISBN:
Category :
Languages : en
Pages : 234
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 234
Book Description
Three Essays on Economic Behavior Under Uncertainty, Theory and Empirical Evidences
Three Essays on Economic Behavior Under Uncertainty
Labour Markets and Uncertainty
Three Essays in the Theory of International Trade Under Uncertainty
Author: Timothy Leonard Fries
Publisher:
ISBN:
Category : Commerce
Languages : en
Pages : 145
Book Description
Publisher:
ISBN:
Category : Commerce
Languages : en
Pages : 145
Book Description