Mechanism design is the field of economics that treats institutions and procedures as variables that can be selected in order to achieve desired objectives. An important aspect of a mechanism is the ...communication among its participants that it requires, which complements other design features such as incentives and complexity. A calculus-based theory of communication in mechanisms is developed in this book. The value of a calculus-based approach lies in its familiarity as well as the insight into mechanisms that it provides. Results are developed concerning (i) a first order approach to the construction of mechanisms, (ii) the range of mechanisms that can be used to achieve a given objective, as well as (iii) lower bounds on the required communication.
Australia suffered from an unwelcome example of climate change early in 2016, with storms threatening homes and businesses along the coast in Sydney. This was far from being an isolated incident, and ...extreme weather conditions and the effects of rising sea levels have become commonplace, with few countries untouched. Climate change is no longer a concern only for future generations, but is now a present-day issue.
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Australia suffered from an unwelcome example of climate change early in 2016, with storms threatening homes and businesses along the coast in Sydney. This was far from being an isolated incident, and ...extreme weather conditions and the effects of rising sea levels have become commonplace, with few countries untouched. Climate change is no longer a concern only for future generations, but is now a present-day issue.
Full text
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CEKLJ, DOBA, IZUM, KILJ, NUK, ODKLJ, PILJ, PNG, SAZU, SIK, UILJ, UKNU, UL, UM, UPUK
Australia suffered from an unwelcome example of climate change early in 2016, with storms threatening homes and businesses along the coast in Sydney. This was far from being an isolated incident, and ...extreme weather conditions and the effects of rising sea levels have become commonplace, with few countries untouched. Climate change is no longer a concern only for future generations, but is now a present-day issue.
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In this revised second edition, An Introduction to the Economics of Information covers the consequences for the character and efficiency of the interaction between individuals and organizations when ...one party has more or better information on some aspect of the relationship. This is the condition of asymmetric information, under which the information gap will be exploited if, by doing so, the better-informed party can achieve some advantage. The book is written for a one-semester course for advanced undergraduates taking specialized course options, and for first-year postgraduate students of economics or business. After an introduction to the subject and the presentation of a benchmark model in which both parties share the same information throughout the relationship, chapters are devoted to the three main asymmetric information topics of Moral Hazard, Adverse Selection, and Signalling. The wide range of economic situations where the conclusions are applied includes such areas as finance, regulation, insurance, labour economics, health economics, and even politics. Each chapter presents the basic theory before moving on to applications and advanced topics. The problems are presented in the same framework throughout to allow easy comparison of the different results. This new edition incorporates extended exercises to test the student's understanding of the material, and to develop the tools and skills provided by the main text to solve other, original problems.
One of the main problems in current economic theory is to write contracts which are Pareto optimal, incentive compatible, and also implementable as a perfect Bayesian equilibrium of a dynamic, ...noncooperative game. The question arises whether it is possible to provide Walrasian type or cooperative equilibrium concepts which have these properties. This volume contains original contributions on noncooperative and cooperative equilibrium notions in economies with differential information and provides answers to the above questions. Moreover, issues of stability, learning and continuity of alternative equilibria are also examined.
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9.
Robustness Hansen, Lars Peter; Sargent, Thomas J
2011., 20111128, 2011, 2007, 2008-01-01, 20080101
eBook
The standard theory of decision making under uncertainty advises the decision maker to form a statistical model linking outcomes to decisions and then to choose the optimal distribution of outcomes. ...This assumes that the decision maker trusts the model completely. But what should a decision maker do if the model cannot be trusted?
Lars Hansen and Thomas Sargent, two leading macroeconomists, push the field forward as they set about answering this question. They adapt robust control techniques and apply them to economics. By using this theory to let decision makers acknowledge misspecification in economic modeling, the authors develop applications to a variety of problems in dynamic macroeconomics.
Technical, rigorous, and self-contained, this book will be useful for macroeconomists who seek to improve the robustness of decision-making processes.
Die Klammer der einzelnen Beiträge dieses Bandes bilden die institutionellen Hintergründe und die Wirkungen von Wissen. Wissen wird in Gesellschaft, Politik und Wirtschaft auf unterschiedliche Weise ...institutionalisiert. Daher beeinflussen konkrete Institutionen die Entstehung, den Transfer und die Koordination von Wissen. Wissen selbst ermöglicht auch die Entwicklung guter Institutionen und entfaltet seine Wirkungen in Wirtschaft, Politik und Gesellschaft. In einem ersten Teil werden Institutionen identifiziert und analysiert, die zur Entstehung und Koordinierung von Wissen beitragen. Der zweite Teil fasst Beiträge zusammen, die Wissen als Element gesellschaftlicher und politischer Institutionen untersuchen. Im dritten Teil wird Wissen als eine der Determinanten der wirtschaftlichen Entwicklung ausgelotet und dabei wiederum nach dem institutionellen Fundament und den Wirkungen gefragt.
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