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The Microeconomics Of Risk And Information
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Book Synopsis The Microeconomics of Risk and Information by : RICHARD WATT
Download or read book The Microeconomics of Risk and Information written by RICHARD WATT and published by Bloomsbury Publishing. This book was released on 2017-09-16 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Microeconomics of Risk and Information covers the principal areas in the field, including risk aversion, simple portfolio theory, precautionary savings, production under risk, risk sharing in the Edgeworth box, adverse selection and moral hazard. Keeping to a strict two-dimensional environment and using only some basic calculus, this textbook is written principally for students of advanced undergraduate and beginning graduate courses in economics, finance, and other fields, who have studied microeconomics at the intermediate level. Compact and clear, the book reflects the author's twenty-year experience teaching the course in the one-semester format to students around the world.
Book Synopsis The Microeconomics of Insurance by : Ray Rees
Download or read book The Microeconomics of Insurance written by Ray Rees and published by Now Publishers Inc. This book was released on 2008 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this relatively short survey, we present the core elements of the microeconomic analysis of insurance markets at a level suitable for senior undergraduate and graduate economics students. The aim of this analysis is to understand how insurance markets work, what their fundamental economic functions are, and how efficiently they may be expected to carry these out.
Book Synopsis Microeconomic Risk Management and Macroeconomic Stability by : Andreas Röthig
Download or read book Microeconomic Risk Management and Macroeconomic Stability written by Andreas Röthig and published by Springer Science & Business Media. This book was released on 2009-08-02 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: “The essence of a hedging contract is a coincident purchase and sale in two markets which are expected to behave in such a way that any loss realized in one will be offset by an equivalent gain in the other. If such behavior follows a perfect hedge has been effected. ” Hardy and Lyon (1923, p. 276). 1. 1 LiteratureReviewandMotivation In the traditional hedging literature, the two markets in which hedgers trade are spot and futures markets. The trader’s position in the spot market is generally considered as given. According to Johnson (1960), hedging can be meaningfully de?ned only if the spot market is regarded as the trader’s primary market. The futures market is used solely to counterbalance an existing position in the spot market. Speculators, in contrast, do not have a commitment in the spot market. They take on risk in futures markets in order to pro?t from expected price changes. The hedger synchronizes his trading activities in spot and futures markets in order to reduce spot risk. In the lit- ature this approach to hedging is labeled risk reduction concept. Risk reduction will be achieved if spot and futures prices move more or less in parallel. If prices are p- fectly correlated, risk is abolished, since losses in one market are perfectly offset by pro?ts in the other market. However, as Hardy and Lyon (1923) point out, any div- gence from perfect correlation results in an imperfect hedge.
Book Synopsis Intermediate Microeconomics by : Patrick M. Emerson
Download or read book Intermediate Microeconomics written by Patrick M. Emerson and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Economics of Risk and Time by : Christian Gollier
Download or read book The Economics of Risk and Time written by Christian Gollier and published by MIT Press. This book was released on 2001 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: Updates and advances the theory of expected utility as applied to risk analysis and financial decision making.
Book Synopsis The Economics of Risk and Insurance by : S. Hun Seog
Download or read book The Economics of Risk and Insurance written by S. Hun Seog and published by John Wiley & Sons. This book was released on 2010-03-15 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written for advanced undergraduate and master’s level courses, this book builds from a base of asymmetric information issues to discuss a wide array of topics and is illustrated with some timely examples. Covers diverse issues such as risk aversion, expected utility, and moral hazard within the pure theory of insurance Provides a clear exposition of the necessary mathematics, a feature which cannot be found in readers on the topic Utilizes an undergraduate economics major level of math Uses the simplest economic models possible to keep the text intuitive Introduces more mathematically complex techniques such as basic optimization for students wishing to 'go further' in their analysis
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 Risk, Uncertainty and Profit by : Frank H. Knight
Download or read book Risk, Uncertainty and Profit written by Frank H. Knight and published by Cosimo, Inc.. This book was released on 2006-11-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
Book Synopsis Risk Analysis in Theory and Practice by : Jean-Paul Chavas
Download or read book Risk Analysis in Theory and Practice written by Jean-Paul Chavas and published by Elsevier. This book was released on 2004-06-04 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of Risk Analysis in Theory and Practice is to present this analytical framework and to illustrate how it can be used in the investigation of economic decisions under risk. In a sense, the economics of risk is a difficult subject: it involves understanding human decisions in the absence of perfect information. How do we make decisions when we do not know some of events affecting us? The complexities of our uncertain world and of how humans obtain and process information make this difficult. In spite of these difficulties, much progress has been made. First, probability theory is the corner stone of risk assessment. This allows us to measure risk in a fashion that can be communicated among decision makers or researchers. Second, risk preferences are now better understood. This provides useful insights into the economic rationality of decision making under uncertainty. Third, over the last decades, good insights have been developed about the value of information. This helps better understand the role of information in human decision making and this book provides a systematic treatment of these issues in the context of both private and public decisions under uncertainty. Balanced treatment of conceptual models and applied analysis Considers both private and public decisions under uncertainty Website presents application exercises in Excel
Book Synopsis Measuring Risk Aversion by : Donald J. Meyer
Download or read book Measuring Risk Aversion written by Donald J. Meyer and published by Now Publishers Inc. This book was released on 2006 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a detailed discussion of the adjustment of risk references and how to go about making such adjustments to a common scale. By adjusting all information to this common scale, results across studies can be easily summarized and compared, and the body of information concerning risk aversion can be examined as a whole
Book Synopsis Risk, Information and Insurance by : Henri Loubergé
Download or read book Risk, Information and Insurance written by Henri Loubergé and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Orio Giarini The "Geneva Association" (International Association for the Study of Risk and Insurance Economics) was founded in 1973. The main goal was to stimulate and organize objective research in the field of risk, uncertainty, and insurance, in a world in which such issues were clearly becoming of greater and greater relevance for all economic actors. This was a pioneer ing effort, especially as economic theory and the teaching of economics were still anchored to the key notion of general equilibrium under an assumption of certainty. Thus, we had to start our work almost from scratch. One of the first initiatives was to bring together in Geneva, in June of 1973, all the academics in Europe already involved in risk and insurance economics. We found eight from five different countries who never had met before. This seminar chaired by Raymond Barre, the first president of The Geneva Association, was the first of an annual series that became known as the seminar of "The European Group of Risk and Insurance Economists." Since then more than 100 economists from most European countries as well as participants from two other continents and in particular from the United States have taken part in this seminar.
Book Synopsis The Analytics of Uncertainty and Information by : Jack Hirshleifer
Download or read book The Analytics of Uncertainty and Information written by Jack Hirshleifer and published by Cambridge University Press. This book was released on 1992-09-10 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists have always recognised that human endeavours are constrained by our limited and uncertain knowledge, but only recently has an accepted theory of uncertainty and information evolved. This theory has turned out to have surprisingly practical applications: for example in analysing stock market returns, in evaluating accident prevention measures, and in assessing patent and copyright laws. This book presents these intellectual advances in readable form for the first time. It unifies many important but partial results into a satisfying single picture, making it clear how the economics of uncertainty and information generalises and extends standard economic analysis. Part One of the volume covers the economics of uncertainty: how each person adapts to a given fixed state of knowledge by making an optimal choice among the immediate 'terminal' actions available. These choices in turn determine the overall market equilibrium reflecting the social distribution of risk bearing. In Part Two, covering the economics of information, the state of knowledge is no longer held fixed. Instead, individuals can to a greater or lesser extent overcome their ignorance by 'informational' actions. The text also addresses at appropriate points many specific topics such as insurance, the Capital Asset Pricing model, auctions, deterrence of entry, and research and invention.
Book Synopsis An Introduction to the Economics of Information by : Inés Macho-Stadler
Download or read book An Introduction to the Economics of Information written by Inés Macho-Stadler and published by Oxford University Press, USA. This book was released on 2001 with total page 308 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.
Book Synopsis The Economics of Imperfect Information by : Louis Phlips
Download or read book The Economics of Imperfect Information written by Louis Phlips and published by Cambridge University Press. This book was released on 1988 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a systematic presentation of new microeconomic theories of imperfect information.
Author :John Joseph McCall Publisher :Chicago : University of Chicago Press ISBN 13 :9780226555591 Total Pages :324 pages Book Rating :4.5/5 (555 download)
Book Synopsis The Economics of Information and Uncertainty by : John Joseph McCall
Download or read book The Economics of Information and Uncertainty written by John Joseph McCall and published by Chicago : University of Chicago Press. This book was released on 1982 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Microeconomics of Banking by : Xavier Freixas
Download or read book Microeconomics of Banking written by Xavier Freixas and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The third edition of an essential text on the microeconomic foundations of banking that surveys the latest research in banking theory, with new material that covers recent developments in the field"--
Book Synopsis Foundations of Insurance Economics by : Georges Dionne
Download or read book Foundations of Insurance Economics written by Georges Dionne and published by Springer Science & Business Media. This book was released on 2013-11-11 with total page 742 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic and financial research on insurance markets has undergone dramatic growth since its infancy in the early 1960s. Our main objective in compiling this volume was to achieve a wider dissemination of key papers in this literature. Their significance is highlighted in the introduction, which surveys major areas in insurance economics. While it was not possible to provide comprehensive coverage of insurance economics in this book, these readings provide an essential foundation to those who desire to conduct research and teach in the field. In particular, we hope that this compilation and our introduction will be useful to graduate students and to researchers in economics, finance, and insurance. Our criteria for selecting articles included significance, representativeness, pedagogical value, and our desire to include theoretical and empirical work. While the focus of the applied papers is on property-liability insurance, they illustrate issues, concepts, and methods that are applicable in many areas of insurance. The S. S. Huebner Foundation for Insurance Education at the University of Pennsylvania's Wharton School made this book possible by financing publication costs. We are grateful for this assistance and to J. David Cummins, Executive Director of the Foundation, for his efforts and helpful advice on the contents. We also wish to thank all of the authors and editors who provided permission to reprint articles and our respective institutions for technical and financial support.
