Download or read book Essays in Information Economics written by Xiao Lin and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation comprises three papers in information economics that try to understand, respectively, how information is credibly disclosed, how information is robustly acquired, as well as how hard information is sold in the market by a third-party intermediary. The first chapter "Credible Persuasion," joint with Ce Liu, develops a new framework for understanding credibility considerations in Bayesian persuasion problems. We call a disclosure policy credible if the sender cannot profit from tampering with her messages while keeping the message distribution unchanged. We show that the credibility of a disclosure policy is equivalent to a cyclical monotonicity condition on its induced distribution over states and actions. We also characterize how credibility restricts the Sender's ability to persuade under different payoff structures. In particular, when the sender's payoff is state-independent, all disclosure policies are credible. We apply our results to the market for lemons, and show that no useful information can be credibly disclosed by the seller, even though a seller who can commit to her disclosure policy would perfectly reveal her private information to maximize profit. The second chapter "Robust Merging of Information," joint with Henrique de Oliveira and Yuhta Ishii, asks how people robustly combine different sources of information when the underlying correlation is unknown. Our main results characterize the strategies that are robust to possible hidden correlations. In particular, with two states and two actions, the robustly optimal strategy pays attention to a single information source, ignoring all others. More generally, the robustly optimal strategy may need to combine multiple information sources, but can be constructed quite simply by using a decomposition of the original problem into separate decision problems, each requiring attention to only one information source. An implication is that an information source generates value to the agent if and only if it is best for at least one of these decomposed problems. The third chapter "How to Sell Hard Information," joint with S. Nageeb Ali, Nima Haghpanah, and Ron Siegel, studies a setting where the seller of an asset has the option to buy hard information about the value of the asset from an intermediary. The seller can then disclose the acquired information before selling the asset in a competitive market. We study how the intermediary designs and sells hard information to robustly maximize her revenue across all equilibria. Even though the intermediary could use an accurate test that reveals the asset's value, we show that robust revenue maximization leads to a noisy test with a continuum of possible scores. In addition, the intermediary always charges the seller for disclosing the test score to the market, but not necessarily for running the test. This enables the intermediary to robustly appropriate a significant share of the surplus resulting from the asset sale.

Download or read book Communication And The Transformation Of Economics written by Robert E Babe and published by Routledge. This book was released on 2018-10-08 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book proposes that infusing mainline economics with more expansive and realistic conceptions of information/communication transforms static neoclassicism into evolutionary political economy. It results in modes of analysis that, when applied through policy, can lead to a sustainable future.

Download or read book Essays on Information Economics written by Abhijit Vinayak Banerjee and published by . This book was released on 1988 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Economics and Economists written by R. H. Coase and published by University of Chicago Press. This book was released on 2012-11-16 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reflections on two centuries of economic history from a Nobel Prize winner in the field: “An accessible collection by a renowned economist.”—Library Journal How do economists decide what questions to address and how to choose their theories? How do they tackle the problems of the economic system and give advice on public policy? With these broad questions, Nobel laureate R. H. Coase, widely recognized for his seminal work on transaction costs, reflects on some of the most fundamental concerns of economists over the past two centuries. In fifteen essays, Coase evaluates the contributions of a number of outstanding figures, including Adam Smith, Alfred Marshall, Arnold Plant, Duncan Black, and George Stigler, as well as economists at the London School of Economics in the 1930s. “Are you looking for a book by an economist who can really write and has insight after insight on free markets vs. government regulation? Would you like it even better if you could get some good laughs from his clever way of putting things? Then Ronald H. Coase’s Essays on Economics and Economists is the book for you.”—Reason

Download or read book Essays in Information Economics written by Jonathan T. Pogach and published by . This book was released on 2010 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Information Economics written by Agathe Alysse Pernoud and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation comprises three essays in information economics. Each essay employs tools from mechanism design and game theory to examine individuals' incentives when acquiring information and when sharing that information with others. The first chapter considers a mechanism design setting in which agents can obtain costly information about their own preferences and those of others. A mechanism is informationally simple if agents have no incentive to learn about others' preferences. This property is of interest for two reasons: First, it is a necessary condition for the existence of dominant strategy equilibria in the extended game. Second, it endogenizes an "independent private value" property of the interim information structure. We show that, generically, a mechanism is informationally simple if and only if it satisfies a separability condition which rules out most economically meaningful mechanisms. The second chapter examines auctions in which buyers can acquire costly information about their own valuations and those of others, and investigates how competition among buyers shapes their learning incentives. In equilibrium, buyers find it cost-efficient to acquire some information about their competitors so as to only learn their valuations when they have a fair chance of winning. We show that such learning incentives make competition between buyers less effective: losing buyers often fail to learn their valuations precisely and, as a result, compete less aggressively for the good. The third chapter deviates from the preceding two by focusing on how individuals communicate with each other. It seeks to understand how individuals' subjective models of the world, or worldviews, affect communication.

Download or read book Markets Information and Uncertainty written by Kenneth Joseph Arrow and published by Cambridge University Press. This book was released on 1999-01-28 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leading theorists offer insights on the role of uncertainty and information in the market.

Download or read book Essays in the Theory of Economic Growth written by Joan Robinson and published by Springer. This book was released on 1965-01-01 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Economics of Big Science written by Hans Peter Beck and published by Springer Nature. This book was released on 2020-10-29 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this open access volume identify the key ingredients for success in capitalizing on public investments in scientific projects and the development of large-scale research infrastructures. Investment in science – whether in education and training or through public funding for developing new research tools and technologies – is a crucial priority. Authors from big research laboratories/organizations, funding agencies and academia discuss how investing in science can produce societal benefits as well as identifying future challenges for scientists and policy makers. The volume cites different ways to assess the socio-economic impact of Research Infrastructures and their role as hubs of global collaboration, creativity and innovation. It highlights the different benefits stemming from fundamental research at the local, national and global level, while also inviting us to rethink the notion of “benefit” in the 21st century. Public investment is required to maintain the pace of technological and scientific advancements over the next decades. Far from advocating a radical transformation and massive expansion in funding, the authors suggest ways for maintaining a strong foundation of science and research to ensure that we continue to benefit from the outputs. The volume draws inspiration from the first “Economics of Big Science” workshop, held in Brussels in 2019 with the aim of creating a new space for dialogue and interaction between representatives of Big Science organizations, policy makers and academia. It aspires to provide useful reading for policy makers, scientists and students of science, who are increasingly called upon to explain the value of fundamental research and adopt the language and logic of economics when engaging in policy discussions.

Download or read book Essays in Economics written by James Tobin and published by . This book was released on 1971 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Selected Essays on Economic Policy written by G. Harcourt and published by Springer. This book was released on 2001-01-26 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains classic essays on economic policy written by one of its great exponents. The opening essay traces the author's evolving structures of thought about economics and the policy proposals that came from them over this period. Section 2 contains essays which set the background to the policy recommendations. In section 3 the role of investment incentives is analysed. Section 4 is concerned with the influence of accounting conventions on private decision-making and government policy in both capitalist and planned economies. Section 5 contains a number of package deals, all designed to fit within the constraint of the philosophy of governments in power. The last section, general essays, ranges from a scheme for the payment of prisoners to the celebration of the views on policy of great economists, from Colin Clark, through Nicky Kaldor to John Cornwall.

Download or read book Essays in Positive Economics written by Milton Friedman and published by University of Chicago Press. This book was released on 1953 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is concerned primarily with certain methodological problems that arise in constructing the "distinct positive science" that John Neville Keynes called for, in particular, the problem how to decide whether a suggested hypothesis or theory should be tentatively accepted as part of the "body of systematized knowledge concerning what is."

Download or read book Information Economics written by Urs Birchler and published by Routledge. This book was released on 1999-06-23 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new text book by Urs Birchler and Monika Butler is an introduction to the study of how information affects economic relations. The authors provide a narrative treatment of the more formal concepts of Information Economics, using easy to understand and lively illustrations from film and literature and nutshell examples. The book first covers the economics of information in a 'man versus nature' context, explaining basic concepts like rational updating or the value of information. Then in a 'man versus man' setting, Birchler and Butler describe strategic issues in the use of information: the make-buy-or-copy decision, the working and failure of markets and the important role of outguessing each other in a macroeconomic context. It closes with a 'man versus himself' perspective, focusing on information management within the individual. This book also comes with a supporting website (www.alicebob.info), maintained by the authors.

Download or read book Essays on Information Economics written by Hyungho Youn and published by . This book was released on 2003 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation addresses three topics on information economics. Generally, information is not perfect or costless as classical economics assumes. Thus, a consumer searches information at his cost or a seller provides information at his cost. First, chapter 2 presents a theoretical model where a consumer searches for local brand information. We show that a national brand providing information has a larger market share. Second, chapter 3 presents a theoretical model where a store randomizes prices and advertises the price changes. We show that at equilibrium the advertising intensity is negatively related to price and price density function is "U" shaped. As advertising costs decrease, average price decreases with more competition. Also as advertising costs decrease from the maximum to zero, price density function changes from monopoly price spike to nonprofit price spike. Thirdly, chapter 4 presents an example where information imperfection is not remedied so information asymmetry remains to cause moral hazard. The deposit insurance rate of a bank is set uniformly regardless of its loan quality because the government cannot discern the quality. Then, a failed bank has higher efficiency in good economic years by spending less on loan monitoring but lending aggressively, but has lower efficiency in difficult years because of its growing non-performing loan. The efficiency of Korean banks between 1990 and 1997 is measured by DEA (Data Envelopment Analysis), and the regression shows that the efficiency of the failed bank is affected by moral hazard.

Download or read book Economics for an Imperfect World written by Joseph E. Stiglitz and published by MIT Press. This book was released on 2003 with total page 722 pages. Available in PDF, EPUB and Kindle. Book excerpt: The focus of Joseph Stiglitz's work in economics throughout his long and distinguished career has been on the real world, with all of its imperfections.

Download or read book The Limits of Economic Science written by R.B. McKenzie and published by Springer Science & Business Media. This book was released on 1982-12-31 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume were a challenge to me to write. I am an economist to the core, inclined to evaluate most observed behavior and public policies with conventional neoclassical theory. The essays represent my attempt to come to grips with the meaning and importance of what I try to do as a professional economist. They reflect my attempt to acquire a new and improved understanding of the usefulness and limitations of the writings of professional economists, especially my own. In this regard, although I hope others will find the thoughts useful, the volume represents a personal statement of how one economist views his and others' work. For that reason the discussion is often openly normative, tinged with the conviction that social discourse is more than costs and benefits and that economics cannot be fully evaluated by the methods - economic methods - that are the subject of the evaluation. These essays could not have been written without considerable encouragement and help from colleagues and friends. The following people are recognized for having read one or more chapters and for having contributed critical, substantive comments: Diana Bailey, Wilfred Beckerman, Geoffrey Brennan, William Briet, James Buchanan, Delores Martin, David Maxwell, Mary Ann McKenzie, Warren Samuels, Robert Staaf, Richard Wagner, Karen Vaughn, and Bruce Yandle. I am very much in their debt. However, they should not be held accountable for any of the positions taken and any errors that may remain.

Download or read book Essays in the Theory of Economic Fluctuations written by M. Kalecki and published by Routledge. This book was released on 2013-10-08 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: These essays, though formally independent, nevertheless constitute a whole, each one preparing the way for the succeeding chapter.