Download or read book A General Nonemptiness Result of the Core of a Production Economy with Asymmetric Information written by Isabelle Lefebvre and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Core of a Production Economy with Asymmetric Information written by Isabelle Lefebvre and published by . This book was released on 1997 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Core of Economies with Asymmetric Information written by Ulrich Schwalbe and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: and should therefore constitute a part of every area of economic 3 theory. The spectrum covered by information economics today ranges from Stigler's search theory4 to industrial economics, including oligopoly theory, innovation, as well as research and develop 5 ment. However, the area information economics is most closely connected with is the theory of optimal contracts, mainly ana 6 lyzed in principal-agent models. Contract theory deals primar ily with the question of how optimal arrangements (contracts) for the purchase and sale of commodities and services between two or more agents should be structured. In these models, it is often assumed that the parties to the contract are informed differently or asymmetrically about relevant variables (e. g. the health of one party in the case of insurance contracts, or the effort in relation to employment contracts). As a result of this asymmetric in formation, phenomena such as moral hazard, adverse selection, signaling, and screening may arise. Frequently, results from con tract theory are referred to when making statements about the effects of asymmetric information on an economy. Models of this kind are often used to explain phenomena such as fixed wages or unemployment, among others. 7 However, such conclusions must be treated with caution for two reasons. In the first place, in these models, a contract (explicit or implicit) is determined by the solution of an optimization prob lem.
Download or read book Differential Information Economies written by Dionysius Glycopantis and published by Springer Science & Business Media. This book was released on 2005-12-28 with total page 656 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Sufficiently Specialized Economies Have Nonempty Cores written by Roger D. Lagunoff and published by . This book was released on 1992 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Cooperative Extensions Of The Bayesian Game written by Akira Yamazaki and published by World Scientific. This book was released on 2006-06-14 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the very first comprehensive monograph in a burgeoning, new research area — the theory of cooperative game with incomplete information with emphasis on the solution concept of Bayesian incentive compatible strong equilibrium that encompasses the concept of the Bayesian incentive compatible core. Built upon the concepts and techniques in the classical static cooperative game theory and in the non-cooperative Bayesian game theory, the theory constructs and analyzes in part the powerful n-person game-theoretical model characterized by coordinated strategy-choice with individualistic incentives, the influence of outsiders' strategy choice upon the feasibility and implications of coalitional attainability, and incomplete information. The book presents the basic results of this theory. It also presents the research results to date on the simple, but central economic model of Bayesian pure exchange economy, and also on an alternative approach, anonymous coalition formation.The theory presented here points to an important future research direction in economics. In particular, it has the potential to provide game-theoretical foundations of organizational analysis in which organizations (coalitions) as corporations institute a non-market resource allocation mechanism while using the market resource allocation mechanism at the same time.The book provides appraisals of the various concepts, setups and results established to date as well as many discussions on philosophical issues on different approaches in the area, thereby clarifying the applicability and limitations of the current theory. It also contains numerous examples illustrating various concepts and points of discussions.Cooperative Extensions of the Bayesian Game is an essential reference in strategic cooperative game theory, and serves as an informative textbook for PhD courses in advanced economic theory, mathematical economics, game theory, and industrial organization.
Download or read book Models in Microeconomic Theory written by Martin J. Osborne and published by Open Book Publishers. This book was released on 2023-06-26 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: Models in Microeconomic Theory covers basic models in current microeconomic theory. Part I (Chapters 1-7) presents models of an economic agent, discussing abstract models of preferences, choice, and decision making under uncertainty, before turning to models of the consumer, the producer, and monopoly. Part II (Chapters 8-14) introduces the concept of equilibrium, beginning, unconventionally, with the models of the jungle and an economy with indivisible goods, and continuing with models of an exchange economy, equilibrium with rational expectations, and an economy with asymmetric information. Part III (Chapters 15-16) provides an introduction to game theory, covering strategic and extensive games and the concepts of Nash equilibrium and subgame perfect equilibrium. Part IV (Chapters 17-20) gives a taste of the topics of mechanism design, matching, the axiomatic analysis of economic systems, and social choice. The book focuses on the concepts of model and equilibrium. It states models and results precisely, and provides proofs for all results. It uses only elementary mathematics (with almost no calculus), although many of the proofs involve sustained logical arguments. It includes about 150 exercises. With its formal but accessible style, this textbook is designed for undergraduate students of microeconomics at intermediate and advanced levels.
Download or read book Journal of Economic Literature written by and published by . This book was released on 2000 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Game Theoretic Methods in General Equilibrium Analysis written by J.F. Mertens and published by Springer Science & Business Media. This book was released on 2013-04-18 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: JEAN-FRANQOIS MERTENS This book presents a systematic exposition of the use of game theoretic methods in general equilibrium analysis. Clearly the first such use was by Arrow and Debreu, with the "birth" of general equi librium theory itself, in using Nash's existence theorem (or a generalization) to prove the existence of a competitive equilibrium. But this use appeared possibly to be merely tech nical, borrowing some tools for proving a theorem. This book stresses the later contributions, were game theoretic concepts were used as such, to explain various aspects of the general equilibrium model. But clearly, each of those later approaches also provides per sea game theoretic proof of the existence of competitive equilibrium. Part A deals with the first such approach: the equality between the set of competitive equilibria of a perfectly competitive (i.e., every trader has negligible market power) economy and the core of the corresponding cooperative game.
Download or read book Core of a Production Economy Revisited written by Chongwoo Choe and published by . This book was released on 1995 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Advanced Microeconomic Theory written by Geoffrey Alexander Jehle and published by . This book was released on 2001 with total page 543 pages. Available in PDF, EPUB and Kindle. Book excerpt: This advanced economics text bridges the gap between familiarity with microeconomic theory and a solid grasp of the principles and methods of modern neoclassical microeconomic theory.
Download or read book Nonlinear and Convex Analysis in Economic Theory written by Toru Maruyama and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers collected in this volume are contributions to T.I.Tech./K.E.S. Conference on Nonlinear and Convex Analysis in Economic Theory, which was held at Keio University, July 2-4, 1993. The conference was organized by Tokyo Institute of Technology (T. I. Tech.) and the Keio Economic Society (K. E. S.) , and supported by Nihon Keizai Shimbun Inc .. A lot of economic problems can be formulated as constrained optimiza tions and equilibrations of their solutions. Nonlinear-convex analysis has been supplying economists with indispensable mathematical machineries for these problems arising in economic theory. Conversely, mathematicians working in this discipline of analysis have been stimulated by various mathematical difficulties raised by economic the ories. Although our special emphasis was laid upon "nonlinearity" and "con vexity" in relation with economic theories, we also incorporated stochastic aspects of financial economics in our project taking account of the remark able rapid growth of this discipline during the last decade. The conference was designed to bring together those mathematicians who were seriously interested in getting new challenging stimuli from economic theories with those economists who were seeking for effective mathematical weapons for their researches. Thirty invited talks (six of them were plenary talks) given at the conf- ence were roughly classified under the following six headings : 1) Nonlinear Dynamical Systems and Business Fluctuations, . 2) Fixed Point Theory, 3) Convex Analysis and Optimization, 4) Eigenvalue of Positive Operators, 5) Stochastic Analysis and Financial Market, 6) General Equilibrium Analysis.
Download or read book Mathematical Economics written by Akira Takayama and published by Cambridge University Press. This book was released on 1985-08-30 with total page 770 pages. Available in PDF, EPUB and Kindle. Book excerpt: This systematic exposition and survey of mathematical economics emphasizes the unifying structures of economic theory.
Download or read book Welfare Economics and Social Choice Theory written by Allan M. Feldman and published by Springer Science & Business Media. This book was released on 2006-06-14 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers the main topics of welfare economics — general equilibrium models of exchange and production, Pareto optimality, un certainty, externalities and public goods — and some of the major topics of social choice theory — compensation criteria, fairness, voting. Arrow's Theorem, and the theory of implementation. The underlying question is this: "Is a particular economic or voting mechanism good or bad for society?" Welfare economics is mainly about whether the market mechanism is good or bad; social choice is largely about whether voting mechanisms, or other more abstract mechanisms, can improve upon the results of the market. This second edition updates the material of the first, written by Allan Feldman. It incorporates new sections to existing first-edition chapters, and it includes several new ones. Chapters 4, 6, 11, 15 and 16 are new, added in this edition. The first edition of the book grew out of an undergraduate welfare economics course at Brown University. The book is intended for the undergraduate student who has some prior familiarity with microeconomics. However, the book is also useful for graduate students and professionals, economists and non-economists, who want an overview of welfare and social choice results unburdened by detail and mathematical complexity. Welfare economics and social choice both probably suffer from ex cessively technical treatments in professional journals and monographs.
Download or read book Advances in Mathematical Economics Volume 8 written by S. Kusuoka and published by Springer Science & Business Media. This book was released on 2007-02-15 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: A lot of economic problems can formulated as constrained optimizations and equilibration of their solutions.Various mathematical theories have been supplying economists with indispensable machineries for these problems arising in economic theory. Conversely, mathematicians have been stimulated by various mathematical difficulties raised by economic theories. The series is designed to bring together those mathematicians who were seriously interested in getting new challenging stimuli from economic theories with those economists who are seeking for effective mathematical tools for their researchers.
Download or read book General Equilibrium Models for Development Policy written by Kemal Dervis and published by Cambridge University Press. This book was released on 1982-05-31 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mathematical Reviews written by and published by . This book was released on 2005 with total page 1270 pages. Available in PDF, EPUB and Kindle. Book excerpt:
