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Dynamic Incentive Problems With Imperfect Information
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Book Synopsis Dynamic econometric analysis of insurance markets with imperfect information by : Tibor Zavadil
Download or read book Dynamic econometric analysis of insurance markets with imperfect information written by Tibor Zavadil and published by Rozenberg Publishers. This book was released on 2008 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Moral Hazard in Health Insurance by : Amy Finkelstein
Download or read book Moral Hazard in Health Insurance written by Amy Finkelstein and published by Columbia University Press. This book was released on 2014-12-02 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing the challenge of covering heath care expenses—while minimizing economic risks. Moral hazard—the tendency to change behavior when the cost of that behavior will be borne by others—is a particularly tricky question when considering health care. Kenneth J. Arrow’s seminal 1963 paper on this topic (included in this volume) was one of the first to explore the implication of moral hazard for health care, and Amy Finkelstein—recognized as one of the world’s foremost experts on the topic—here examines this issue in the context of contemporary American health care policy. Drawing on research from both the original RAND Health Insurance Experiment and her own research, including a 2008 Health Insurance Experiment in Oregon, Finkelstein presents compelling evidence that health insurance does indeed affect medical spending and encourages policy solutions that acknowledge and account for this. The volume also features commentaries and insights from other renowned economists, including an introduction by Joseph P. Newhouse that provides context for the discussion, a commentary from Jonathan Gruber that considers provider-side moral hazard, and reflections from Joseph E. Stiglitz and Kenneth J. Arrow. “Reads like a fireside chat among a group of distinguished, articulate health economists.” —Choice
Book Synopsis The New Dynamic Public Finance by : Narayana R. Kocherlakota
Download or read book The New Dynamic Public Finance written by Narayana R. Kocherlakota and published by Princeton University Press. This book was released on 2010-07-01 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimal tax design attempts to resolve a well-known trade-off: namely, that high taxes are bad insofar as they discourage people from working, but good to the degree that, by redistributing wealth, they help insure people against productivity shocks. Until recently, however, economic research on this question either ignored people's uncertainty about their future productivities or imposed strong and unrealistic functional form restrictions on taxes. In response to these problems, the new dynamic public finance was developed to study the design of optimal taxes given only minimal restrictions on the set of possible tax instruments, and on the nature of shocks affecting people in the economy. In this book, Narayana Kocherlakota surveys and discusses this exciting new approach to public finance. An important book for advanced PhD courses in public finance and macroeconomics, The New Dynamic Public Finance provides a formal connection between the problem of dynamic optimal taxation and dynamic principal-agent contracting theory. This connection means that the properties of solutions to principal-agent problems can be used to determine the properties of optimal tax systems. The book shows that such optimal tax systems necessarily involve asset income taxes, which may depend in sophisticated ways on current and past labor incomes. It also addresses the implications of this new approach for qualitative properties of optimal monetary policy, optimal government debt policy, and optimal bequest taxes. In addition, the book describes computational methods for approximate calculation of optimal taxes, and discusses possible paths for future research.
Book Synopsis Credit Markets with Asymmetric Information by : Gerhard Clemenz
Download or read book Credit Markets with Asymmetric Information written by Gerhard Clemenz and published by Springer. This book was released on 1986-08 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Dynamics and Information by : Jaroslav Zajac
Download or read book Economic Dynamics and Information written by Jaroslav Zajac and published by Springer Science & Business Media. This book was released on 2007-08-01 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the existence of equilibria in economies having a measured space of agents and a continuum of agents and commodities. Excessive homogeneity with respect to agent productivity leads to instability and non-uniqueness of a given stationary state and the indeterminacy of the corresponding stationary state equilibrium. Sufficient heterogeneity leads to global saddle-path stability, uniqueness of a given stationary state and the global uniqueness of the corresponding equilibrium.
Book Synopsis Allocation, Information and Markets by : John Eatwell
Download or read book Allocation, Information and Markets written by John Eatwell and published by Springer. This book was released on 1989-09-21 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an extract from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This volume concentrates on the topic of allocation information and markets.
Book Synopsis Personalized Law by : Omri Ben-Shahar
Download or read book Personalized Law written by Omri Ben-Shahar and published by Oxford University Press. This book was released on 2021-05-17 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: We live in a world of one-size-fits-all law. People are different, but the laws that govern them are uniform. "Personalized Law"---rules that vary person by person---will change that. Here is a vision of a brave new world, where each person is bound by their own personally-tailored law. "Reasonable person" standards would be replaced by a multitude of personalized commands, each individual with their own "reasonable you" rule. Skilled doctors would be held to higher standards of care, the most vulnerable consumers and employees would receive stronger protections, age restrictions for driving or for the consumption of alcohol would vary according the recklessness risk that each person poses, and borrowers would be entitled to personalized loan disclosures tailored to their unique needs and delivered in a format fitting their mental capacity. The data and algorithms to administer personalize law are at our doorstep, and embryos of this regime are sprouting. Should we welcome this transformation of the law? Does personalized law harbor a utopic promise, or would it produce alienation, demoralization, and discrimination? This book is the first to explore personalized law, offering a vision of law and robotics that delegates to machines those tasks humans are least able to perform well. It inquires how personalized law can be designed to deliver precision and justice and what pitfalls the regime would have to prudently avoid. In this book, Omri Ben-Shahar and Ariel Porat not only present this concept in a clear, easily accessible way, but they offer specific examples of how personalized law may be implemented across a variety of real-life applications.
Book Synopsis Asset Pricing under Asymmetric Information by : Markus K. Brunnermeier
Download or read book Asset Pricing under Asymmetric Information written by Markus K. Brunnermeier and published by OUP Oxford. This book was released on 2001-01-25 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asset prices are driven by public news and information that is often dispersed among many market participants. These agents try to infer each other's information by analyzing price processes. In the past two decades, theoretical research in financial economics has significantly advanced our understanding of the informational aspects of price processes. This book provides a detailed and up-to-date survey of this important body of literature. The book begins by demonstrating how to model asymmetric information and higher-order knowledge. It then contrasts competitive and strategic equilibrium concepts under asymmetric information. It also illustrates the dependence of information efficiency and allocative efficiency on the security structure and the linkage between both efficiency concepts. No-Trade theorems and market breakdowns due to asymmetric information are then explained, and the existence of bubbles under symmetric and asymmetric information is investigated. The remainder of the survey is devoted to contrasting different market microstructure models that demonstrate how asymmetric information affects asset prices and traders' information , which provide a theoretical explanation for technical analysis and illustrate why some investors "chase the trend." The reader is then introduced to herding models and informational cascades, which can arise in a setting where agents' decision-making is sequential. The insights derived from herding models are used to provide rational explanations for stock market crashes. Models in which all traders are induced to search for the same piece of information are then presented to provide a deeper insight into Keynes' comparison of the stock market with a beauty contest. The book concludes with a brief summary of bank runs and their connection to financial crises.
Book Synopsis A Theory of Incentives in Procurement and Regulation by : Jean-Jacques Laffont
Download or read book A Theory of Incentives in Procurement and Regulation written by Jean-Jacques Laffont and published by MIT Press. This book was released on 1993 with total page 746 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on their work in the application of principal-agent theory to questions of regulation, Laffont and Tirole develop a synthetic approach to this field, focusing on the regulation of natural monopolies such as military contractors, utility companies and transportation authorities.
Book Synopsis Organization with Incomplete Information by : Mukul Majumdar
Download or read book Organization with Incomplete Information written by Mukul Majumdar and published by Cambridge University Press. This book was released on 1998-09-13 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: There have been systematic attempts over the last twenty-five years to explore the implications of decision making with incomplete information and to model an 'economic man' as an information-processing organism. These efforts are associated with the work of Roy Radner, who joins other analysts in this collection to offer accessible overviews of the existing literature on topics such as Walrasian equilibrium with incomplete markets, rational expectations equilibrium, learning, Markovian games, dynamic game-theoretic models of organization, and experimental work on mechanism selection. Some essays also take up relatively new themes related to bounded rationality, complexity of decisions, and economic survival. The collection overall introduces models that add to the toolbox of economists, expand the boundaries of economic analysis, and enrich our understanding of the inefficiencies and complexities of organizational design in the presence of uncertainty.
Book Synopsis The Theory of Info-Dynamics: Rational Foundations of Information-Knowledge Dynamics by : Kofi K. Dompere
Download or read book The Theory of Info-Dynamics: Rational Foundations of Information-Knowledge Dynamics written by Kofi K. Dompere and published by Springer. This book was released on 2017-12-06 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the development of a theory of info-dynamics to support the theory of info-statics in the general theory of information. It establishes the rational foundations of information dynamics and how these foundations relate to the general socio-natural dynamics from the primary to the derived categories in the universal existence and from the potential to the actual in the ontological space. It also shows how these foundations relate to the general socio-natural dynamics from the potential to the possible to give rise to the possibility space with possibilistic thinking; from the possible to the probable to give rise to possibility space with probabilistic thinking; and from the probable to the actual to give rise to the space of knowledge with paradigms of thought in the epistemological space. The theory is developed to explain the general dynamics through various transformations in quality-quantity space in relation to the nature of information flows at each variety transformation. The theory explains the past-present-future connectivity of the evolving information structure in a manner that illuminates the transformation problem and its solution in the never-ending information production within matter-energy space under socio-natural technologies to connect the theory of info-statics, which in turn presents explanations to the transformation problem and its solution. The theoretical framework is developed with analytical tools based on the principle of opposites, systems of actual-potential polarities, negative-positive dualities under different time-structures with the use of category theory, fuzzy paradigm of thought and game theory in the fuzzy-stochastic cost-benefit space. The rational foundations are enhanced with categorial analytics. The value of the theory of info-dynamics is demonstrated in the explanatory and prescriptive structures of the transformations of varieties and categorial varieties at each point of time and over time from parent–offspring sequences. It constitutes a general explanation of dynamics of information-knowledge production through info-processes and info-processors induced by a socio-natural infinite set of technologies in the construction–destruction space.
Book Synopsis Game-Theoretic Models of Bargaining by : Alvin E. Roth
Download or read book Game-Theoretic Models of Bargaining written by Alvin E. Roth and published by Cambridge University Press. This book was released on 1985-11-29 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive picture of the new developments in bargaining theory.
Book Synopsis Entrepreneurship and Taiwan's Economic Dynamics by : Fu-Lai Tony Yu
Download or read book Entrepreneurship and Taiwan's Economic Dynamics written by Fu-Lai Tony Yu and published by Springer Science & Business Media. This book was released on 2012-04-03 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book sheds new light on the economic development of Taiwan, examining how entrepreneurs identify and pursue profit opportunities, and showing how their efforts have enhanced Taiwan’s economic dynamics.
Book Synopsis Economie de L'incertain Et de L'information by : Jean-Jacques Laffont
Download or read book Economie de L'incertain Et de L'information written by Jean-Jacques Laffont and published by MIT Press. This book was released on 1989 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economics of Uncertainty and Information may be used in conjunction with Loffont's Fundamentals of Economics in an advanced course in microeconomics.
Book Synopsis The Theory of the Firm by : Nicolai J. Foss
Download or read book The Theory of the Firm written by Nicolai J. Foss and published by Taylor & Francis. This book was released on 2000 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Differential Information Economies by : Dionysius Glycopantis
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.
Book Synopsis Bargaining Under Incomplete Information and the Design of Legal Rules by : Eric Leonard Talley
Download or read book Bargaining Under Incomplete Information and the Design of Legal Rules written by Eric Leonard Talley and published by . This book was released on 1999 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt:
