Download or read book Information Elicitation Incentives and Markets written by Nicolas Sebastien Lambert and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Information plays a prominent role in economic decisions. Over the past decade, with the enhancement of communication technology and the development of large marketplaces, information economics has become a key component in the study of modern economic environments. In my thesis, I ask how an uninformed principal can purchase information from supposedly better informed agents. My doctoral research strives (i) to extend the theoretical foundations of information elicitation, and (ii) to provide efficient means of elicitation that can be implemented with existing computational resources. I first consider the problem of incentivizing a single agent to provide accurate probabilistic information, that is, information about the uncertainty of a future outcome. This outcome can represent, for example, future sales or stock market prices, and the principal may wish to learn the average sales or the volatility of a stock. I show that the principal may not obtain all information directly, and characterize the information that can be obtained, along with the appropriate incentive devices. For example, she can get the average sales but not the stock volatility. However, the principal can always obtain any information indirectly, by asking for extra information. This leads to a notion of elicitation complexity: how much is needed to infer the information of interest. I then consider the problem of elicitation from multiple agents, using betting markets or prediction markets, which are contingent claims markets specifically designed for the purpose of aggregating traders information. For both cases, I describe the information that such markets can reveal, and explain how to design the assets and the market mechanisms so as to obtain the information of interest. Finally, I consider the case of eliciting arbitrary opinions. As those can be purely subjective, it is generally not possible to design appropriate incentive schemes for a single agent, but I show that with multiple agents one may design surveys or opinion polls that enforce truthful reporting.
Download or read book Combinatorial Markets in Theory and Practice written by Benjamin Lubin and published by . This book was released on 2010 with total page 538 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Internet and Network Economics written by Ning Chen and published by Springer. This book was released on 2012-02-02 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the 7th International Workshop on Internet and Network Economics, WINE 2011, held in Singapore, in December 2011. The 31 revised full papers and 5 revised short papers presented together with the abstracts of 3 papers about work in progress were carefully reviewed and selected from 100 submissions. The papers are organized in topical sections on algorithmic game theory, algorithmic mechanism design, computational advertising, computational social choice, convergence and learning in games, economics aspects of security and privacy, information and attention economics, network games and social networks.
Download or read book Belief Elicitation written by David Danz and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Belief elicitation is central to inference on economic decision making. The recently introduced Binarized Scoring Rule (BSR) is heralded for its robustness to individuals holding risk averse preferences and for its superior performance when eliciting beliefs. Consequently, the BSR has become the state-of-the-art mechanism. We study truth telling under the BSR and examine whether information on the offered incentives improves reports about a known objective prior. We find that transparent information on incentives gives rise to error rates in excess of 40 percent, and that only 15 percent of participants consistently report the truth. False reports are conservative and appear to result from a biased perception of the BSR incentives. While attempts to debias are somewhat successful, the highest degree of truth telling occurs when information on quantitative incentives is withheld. Consistent with incentives driving false reports, we find that slow release of information decreases truth telling. Perversely, our results suggest that information on the BSR incentives substantially distorts reported beliefs.
Download or read book Investment Incentives and Market Power written by Dean V. Williamson and published by . This book was released on 2006 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Incentive Structure in an Online Information Market written by Daphne Ruth Raban and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The principal objective of this research was to understand the incentive structure in a mixed economic and social market for information. Prior research suggests that tangible incentives will crowd out intangible incentives; however, information markets invite special examination of this finding. Data representing four years of activity by 523 researchers who gave about 52,000 answers on the Google Answers Web site were collected. Analysis revealed that the main predictor for researchers' participation was the anticipation of tip (gratuity). Analysis of two researcher subgroups showed that in the case of the frequent researchers, the tip was followed by social incentives: interaction (comments) and ratings. For occasional researchers, the tip was followed by the price paid for answers and then by comments. The results suggest that a pure economic incentive serves as enticement; however, social incentives induce persistent participation by researchers and eventually lead to higher average economic gains. The market is catalyzed by social activity, not cannibalized by it, as may have been predicted by theory. This findingpr ovides empirical evidence for “social capital” since social incentives were connected to higher economic gains. The practical implication is that a mixed incentive design is likely to generate lively information-exchange environments.
Download or read book Incentives written by Donald E. Campbell and published by Cambridge University Press. This book was released on 2018-02-22 with total page 699 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines incentives at work to see how and how well coordination is achieved by motivating individual decision makers.
Download or read book Incentives written by Donald E. Campbell and published by Cambridge University Press. This book was released on 2018-02-22 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: When incentives work well, individuals prosper. When incentives are poor, the pursuit of self-interest is self-defeating. This book is wholly devoted to the topical subject of incentives from individual, collective, and institutional standpoints. This third edition is fully updated and expanded, including a new section on the 2007–08 financial crisis and a new chapter on networks as well as specific applications of school placement for students, search engine ad auctions, pollution permits, and more. Using worked examples and lucid general theory in its analysis, and seasoned with references to current and past events, Incentives: Motivation and the Economics of Information examines: the performance of agents hired to carry out specific tasks, from taxi drivers to CEOs; the performance of institutions, from voting schemes to medical panels deciding who gets kidney transplants; a wide range of market transactions, from auctions to labor markets to the entire economy. Suitable for advanced undergraduate and graduate students studying incentives as part of courses in microeconomics, economic theory, managerial economics, political economy, and related areas of social science.
Download or read book An Introduction to the Economics of Information written by Inés Macho-Stadler and published by Oxford University Press. This book was released on 1996-10-03 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Information Incentives and the Economics of Control written by G. C. Archibald and published by Cambridge University Press. This book was released on 1992-09-24 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 1992 book examines alternative methods for achieving optimality without all the apparatus of economic planning (such as information retrieval, computation of solutions, and separate implementation systems), or a vain reliance on sufficiently 'perfect' competition. All rely entirely on the self-interest of economic agents and voluntary contract.
Download or read book Economically Enabled Energy Management written by Takeshi Hatanaka and published by Springer Nature. This book was released on 2020-04-21 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book gathers contributions from a multidisciplinary research team comprised of control engineering and economics researchers and formed to address a central interdisciplinary social issue, namely economically enabled energy management. The book’s primary focus is on achieving optimal energy management that is viable from both an engineering and economic standpoint. In addition to the theoretical results and techniques presented, several chapters highlight experimental case studies, which will benefit academic researchers and practitioners alike. The first three chapters present comprehensive overviews of respective social contexts, underscore the pressing need for economically efficient energy management systems and academic work on this emerging research topic, and identify fundamental differences between approaches in control engineering and economics. In turn, the next three chapters (Chapters 4–6) provide economics-oriented approaches to the subject. The following five chapters (Chapters 7–11) address optimal energy market design, integrating both physical and economic models. The book’s last three chapters (Chapters 12–14) mainly focus on the engineering aspects of next-generation energy management, though economic factors are also shown to play important roles.
Download or read book Earnings Management Fintech Driven Incentives and Sustainable Growth written by Michael I. C. Nwogugu and published by Routledge. This book was released on 2019-11-01 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditional research about Financial Stability and Sustainable Growth typically omits Earnings Management (as a broad class of misconduct), Complex Systems Theory, Mechanism Design Theory, Public Health, psychology issues, and the externalities and psychological effects of Fintech. Inequality, Environmental Pollution, Earnings Management opportunities, the varieties of complex Financial Instruments, Fintech, Regulatory Fragmentation, Regulatory Capture and real-financial sector-linkages are growing around the world, and these factors can have symbiotic relationships. Within Complex System theory framework, this book analyzes these foregoing issues, and introduces new behaviour theories, Enforcement Dichotomies, and critiques of models, regulations and theories in several dimensions. The issues analyzed can affect markets, and evolutions of systems, decision-making, "nternal Markets and risk-perception within government regulators, operating companies and investment entities, and thus they have Public Policy implications. The legal analysis uses applicable US case-law and statutes (which have been copied by many countries, and are similar to those of many common-law countries). Using Qualitative Reasoning, Capital Dynamics Theory (a new approach introduced in this book), Critical Theory and elements of Mechanism Design Theory, the book aims to enhance cross-disciplinary analysis of the above-mentioned issues; and to help researchers build better systems/Artificial-Intelligence/mathematical models in Financial Stability, Portfolio Management, Policy-Analysis, Asset Pricing, Contract Theory, Enforcement Theory and Fraud Detection. The primary audience for this book consists of university Professors, PHD students and PHD degree-holders (in industries, government agencies, financial services companies and research institutes). The book can be used as a primary or supplementary textbook for graduate courses in Regulation; Capital Markets; Law & Economics, International Political Economy and or Mechanism Design (Applied Math, Operations Research, Computer Science or Finance).
Download or read book Learning While Governing written by Sean Gailmard and published by University of Chicago Press. This book was released on 2013 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sean Gailmard is the Judith E. Gruber Associate Professor in the Travers Department of Political Science at the University of California, Berkeley. John W. Patty is associate professor of political science at Washington University.
Download or read book Game Theory for Data Science written by Boi Mirsky and published by Springer Nature. This book was released on 2022-05-31 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intelligent systems often depend on data provided by information agents, for example, sensor data or crowdsourced human computation. Providing accurate and relevant data requires costly effort that agents may not always be willing to provide. Thus, it becomes important not only to verify the correctness of data, but also to provide incentives so that agents that provide high-quality data are rewarded while those that do not are discouraged by low rewards. We cover different settings and the assumptions they admit, including sensing, human computation, peer grading, reviews, and predictions. We survey different incentive mechanisms, including proper scoring rules, prediction markets and peer prediction, Bayesian Truth Serum, Peer Truth Serum, Correlated Agreement, and the settings where each of them would be suitable. As an alternative, we also consider reputation mechanisms. We complement the game-theoretic analysis with practical examples of applications in prediction platforms, community sensing, and peer grading.
Download or read book The Theory of Incentives written by Jean-Jacques Laffont and published by Princeton University Press. This book was released on 2009-12-27 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics has much to do with incentives--not least, incentives to work hard, to produce quality products, to study, to invest, and to save. Although Adam Smith amply confirmed this more than two hundred years ago in his analysis of sharecropping contracts, only in recent decades has a theory begun to emerge to place the topic at the heart of economic thinking. In this book, Jean-Jacques Laffont and David Martimort present the most thorough yet accessible introduction to incentives theory to date. Central to this theory is a simple question as pivotal to modern-day management as it is to economics research: What makes people act in a particular way in an economic or business situation? In seeking an answer, the authors provide the methodological tools to design institutions that can ensure good incentives for economic agents. This book focuses on the principal-agent model, the "simple" situation where a principal, or company, delegates a task to a single agent through a contract--the essence of management and contract theory. How does the owner or manager of a firm align the objectives of its various members to maximize profits? Following a brief historical overview showing how the problem of incentives has come to the fore in the past two centuries, the authors devote the bulk of their work to exploring principal-agent models and various extensions thereof in light of three types of information problems: adverse selection, moral hazard, and non-verifiability. Offering an unprecedented look at a subject vital to industrial organization, labor economics, and behavioral economics, this book is set to become the definitive resource for students, researchers, and others who might find themselves pondering what contracts, and the incentives they embody, are really all about.
Download or read book The International Handbook on Non Market Environmental Valuation written by Jeff Bennett and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: Non-market environmental valuation (NMEV) is undergoing a period of increased growth in both application and development as a result of increasing recognition of the role of economics in environmental policy issues. Against this backdrop, The International Handbook on Non-Market Environmental Valuation brings together world leaders in the field to advance the development and application of NMEV as a tool for policymaking. The expert contributors provide insights into the state of the art across the spectrum of both revealed and stated preference methods and highlight new directions being taken. A sequence of topical applications demonstrate various techniques and illustrate what can be achieved using NMEV: deliberately diverse case studies are drawn from Europe, North America, Asia and Australia with valuation targets ranging across use and non-use values of the environment. A number of reviews of cutting-edge issues are also presented. This outstanding resource will enable those interested in environmental valuation from theoretical, practical or policy perspectives to bring themselves to the forefront of developments and practice. As such, this Handbook will prove invaluable to a wide-ranging audience encompassing academics, researchers, students, practitioners and consultants involved in environmental economics and NMEV.
Download or read book Incentives for Information Production in Markets where Prices Affect Real Investment written by James Dow and published by . This book was released on 2007 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
