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Solutions Manual to Accompany Contract Theory

Solutions Manual to Accompany Contract Theory Author Arthur Campbell
ISBN-10 0262532999
Release 2007
Pages 140
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Contract Theory by Patrick Bolton and Mathias Dewatripont, a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels, covers the areas of agency theory, information economics, and organization theory and presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The exercises at the end of the book not only review, chapter by chapter, the basic concepts introduced in the text but also explore additional ideas and applications based on teaching material accumulated over the years by the authors and other instructors of contract theory. The solutions manual to this essential text gives complete solutions to 27 of the 54 exercises in the text, allowing students to study and compare their answers and take greater advantage of this crucial part of the book. The solutions manual follows the structure of the text, grouping exercises by chapter. Chapters 2-6 cover such static bilateral contracting problems as screening, signaling, and moral hazard; chapters 7 and 8 treat multilateral contracting, including auctions, bilateral trade under private information, and multiagent moral hazard; chapters 9 and 10 explore problems of repeated bilateral contracting; and chapters 11-13 cover incomplete contracts, the theory of ownership and control, contracting with externalities, and common agency. Arthur Campbell, Moshe Cohen, Florian Ederer, and Johannes Spinnewijn are all Ph.D. candidates in Economics at MIT.



Contract Theory

Contract Theory Author Patrick Bolton
ISBN-10 0262025760
Release 2005-01-01
Pages 724
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A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas.



Contract Theory in Continuous Time Models

Contract Theory in Continuous Time Models Author Jakša Cvitanic
ISBN-10 9783642141997
Release 2012-09-26
Pages 256
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In recent years there has been a significant increase of interest in continuous-time Principal-Agent models, or contract theory, and their applications. Continuous-time models provide a powerful and elegant framework for solving stochastic optimization problems of finding the optimal contracts between two parties, under various assumptions on the information they have access to, and the effect they have on the underlying "profit/loss" values. This monograph surveys recent results of the theory in a systematic way, using the approach of the so-called Stochastic Maximum Principle, in models driven by Brownian Motion. Optimal contracts are characterized via a system of Forward-Backward Stochastic Differential Equations. In a number of interesting special cases these can be solved explicitly, enabling derivation of many qualitative economic conclusions.



Economic Dynamics in Discrete Time

Economic Dynamics in Discrete Time Author Jianjun Miao
ISBN-10 9780262325608
Release 2014-09-19
Pages 736
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This book offers a unified, comprehensive, and up-to-date treatment of analytical and numerical tools for solving dynamic economic problems. The focus is on introducing recursive methods -- an important part of every economist's set of tools -- and readers will learn to apply recursive methods to a variety of dynamic economic problems. The book is notable for its combination of theoretical foundations and numerical methods. Each topic is first described in theoretical terms, with explicit definitions and rigorous proofs; numerical methods and computer codes to implement these methods follow. Drawing on the latest research, the book covers such cutting-edge topics as asset price bubbles, recursive utility, robust control, policy analysis in dynamic New Keynesian models with the zero lower bound on interest rates, and Bayesian estimation of dynamic stochastic general equilibrium (DSGE) models. The book first introduces the theory of dynamical systems and numerical methods for solving dynamical systems, and then discusses the theory and applications of dynamic optimization. The book goes on to treat equilibrium analysis, covering a variety of core macroeconomic models, and such additional topics as recursive utility (increasingly used in finance and macroeconomics), dynamic games, and recursive contracts. The book introduces Dynare, a widely used software platform for handling a range of economic models; readers will learn to use Dynare for numerically solving DSGE models and performing Bayesian estimation of DSGE models. Mathematical appendixes present all the necessary mathematical concepts and results. Matlab codes used to solve examples are indexed and downloadable from the book's website. A solutions manual for students is available for sale from the MIT Press; a downloadable instructor's manual is available to qualified instructors.



Student Solutions Manual to Accompany Economic Dynamics in Discrete Time

Student Solutions Manual to Accompany Economic Dynamics in Discrete Time Author Yue Jiang
ISBN-10 9780262323086
Release 2014-10-03
Pages 136
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This manual includes solutions to the odd-numbered exercises in Economic Dynamics in Discrete Time. Some exercises are purely analytical, while others require numerical methods. Computer codes are provided for most problems. Many exercises ask the reader to apply the methods learned in a chapter to solve related problems, but some exercises ask the reader to complete missing steps in the proof of a theorem or in the solution of an example in the book.



Mathematics for Economics

Mathematics for Economics Author Michael Hoy
ISBN-10 9780262294805
Release 2011-03-11
Pages 976
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This text offers a comprehensive presentation of the mathematics required to tackle problems in economic analyses. To give a better understanding of the mathematical concepts, the text follows the logic of the development of mathematics rather than that of an economics course. The only prerequisite is high school algebra, but the book goes on to cover all the mathematics needed for undergraduate economics. It is also a useful reference for graduate students. After a review of the fundamentals of sets, numbers, and functions, the book covers limits and continuity, the calculus of functions of one variable, linear algebra, multivariate calculus, and dynamics. To develop the student's problem-solving skills, the book works through a large number of examples and economic applications. This streamlined third edition offers an array of new and updated examples. Additionally, lengthier proofs and examples are provided on the book's website. The book and the web material are cross-referenced in the text. A student solutions manual is available, and instructors can access online instructor's material that includes solutions and PowerPoint slides. Visit http://mitpress.mit.edu/math_econ3 for complete details.



Rational Herds

Rational Herds Author Christophe Chamley
ISBN-10 052153092X
Release 2004
Pages 402
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Penguins jumping off a cliff, economic forecasters and financial advisors speculating against a currency, and farmers using traditional methods in India are all practising social learning. Such learning from the behavior of others may and does lead to herds, crashes, and booms. These issues have become, over the last ten years, an exciting field of research in theoretical and applied economics, finance, and in other social sciences. This book provides both an informal introduction and in-depth insights into the subject. Each chapter is devoted to a separate issue: individuals learn from the observations of actions, the outcomes of these actions, and from what others say. They may delay or make an immediate decision; they may compete against others or gain from cooperation; they make decisions about investment, crop choices, and financial investments. The book highlights the similarities and the differences between the various cases.



Theoretical Foundations of Corporate Finance

Theoretical Foundations of Corporate Finance Author João Amaro de Matos
ISBN-10 0691087946
Release 2001
Pages 302
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Corporate finance is the area of finance that studies the determinants of firms' values, including capital structure, financing, and investment decisions. Although there are several excellent texts in corporate finance, this is the first to focus on the theoretical foundations of the subject in a consistent and integrated way at the Ph.D. level. In addition to a textbook for advanced graduate students, it can also serve as a general reference to researchers and sophisticated practitioners. The material presented is carefully selected with an eye to what is essential to understanding the underlying theory, ensuring that this text will remain useful for years to come. The book is divided into three parts. The first section presents the basic principles of valuation based on the absence of arbitrage, including a discussion of the determinants of the optimal capital structure based on the seminal results of Modigliani and Miller. The second section discusses the implications of agency problems and information asymmetries to capital structure, giving particular attention to payout policy and to debt contract design. The concluding portion presents different ways of restructuring capital, including going public, going private using stock repurchases or leveraged buyouts, and mergers and acquisitions. Each chapter includes exercises that vary in difficulty, with suggested solutions provided in an appendix. This book will assuredly be the standard doctoral- and professional-level explication of corporate finance theory and its appropriate applications.



The Choice Theory of Contracts

The Choice Theory of Contracts Author Hanoch Dagan
ISBN-10 9781107135987
Release 2017-04-17
Pages 188
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The Choice Theory of Contracts is an engaging landmark that shows, for the first time, how freedom matters to contract.



Economie de L incertain Et de L information

Economie de L incertain Et de L information Author Jean-Jacques Laffont
ISBN-10 0262121360
Release 1989-01-01
Pages 289
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Discusses risk and economic uncertainty, the theory of contingent markets, model systems of incomplete markets, and the use of the stock market and insurance to share risk



Intermediate Public Economics

Intermediate Public Economics Author Jean Hindriks
ISBN-10 9780262313803
Release 2013-04-05
Pages 1016
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Public economics studies how government taxing and spending activities affect the economy -- economic efficiency and the distribution of income and wealth. This comprehensive text on public economics covers the core topics of market failure and taxation as well as recent developments in both policy and the academic literature. It is unique not only in its broad scope but in its balance between public finance and public choice and its combination of theory and relevant empirical evidence. The book covers the theory and methodology of public economics; presents a historical and theoretical overview of the public sector; and discusses such topics as departures from efficiency (including imperfect competition and asymmetric information), issues in political economy, equity, taxation, fiscal federalism, and tax competition among independent jurisdictions. Suggestions for further reading, from classic papers to recent research, appear in each chapter, as do exercises. The mathematics has been kept to a minimum without sacrificing intellectual rigor; the book remains analytical rather than discursive. This second edition has been thoroughly updated throughout. It offers new chapters on behavioral economics, limits to redistribution, international taxation, cost-benefit analysis, and the economics of climate policy. Additional exercises have been added and many sections revised in response to advice from readers of the first edition.



The Economics of Microfinance

The Economics of Microfinance Author Beatriz Armendáriz
ISBN-10 9780262513982
Release 2010-04-23
Pages 468
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"This should be required reading for microfinance friends and foes alike, or anyone wishing to understand what the issues really are." --



The Economics of Contracts

The Economics of Contracts Author Bernard Salanié
ISBN-10 9780262195256
Release 2005-03-11
Pages 244
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A concise introduction to the theory of contracts, emphasizing basic tools that allow the reader to understand the main theoretical models; revised and updated throughout for this edition.



From Molecule to Metaphor

From Molecule to Metaphor Author Jerome Feldman
ISBN-10 9780262296885
Release 2008-01-25
Pages 384
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In From Molecule to Metaphor, Jerome Feldman proposes a theory of language and thought that treats language not as an abstract symbol system but as a human biological ability that can be studied as a function of the brain, as vision and motor control are studied. This theory, he writes, is a "bridging theory" that works from extensive knowledge at two ends of a causal chain to explicate the links between. Although the cognitive sciences are revealing much about how our brains produce language and thought, we do not yet know exactly how words are understood or have any methodology for finding out. Feldman develops his theory in computer simulations -- formal models that suggest ways that language and thought may be realized in the brain. Combining key findings and theories from biology, computer science, linguistics, and psychology, Feldman synthesizes a theory by exhibiting programs that demonstrate the required behavior while remaining consistent with the findings from all disciplines.After presenting the essential results on language, learning, neural computation, the biology of neurons and neural circuits, and the mind/brain, Feldman introduces specific demonstrations and formal models of such topics as how children learn their first words, words for abstract and metaphorical concepts, understanding stories, and grammar (including "hot-button" issues surrounding the innateness of human grammar). With this accessible, comprehensive book Feldman offers readers who want to understand how our brains create thought and language a theory of language that is intuitively plausible and also consistent with existing scientific data at all levels.



An Engine Not a Camera

An Engine  Not a Camera Author Donald Mackenzie
ISBN-10 9780262250047
Release 2008-08-29
Pages 392
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In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes.Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities.MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream -- chaos theorist Benoit Mandelbrot's model of "wild" randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.



Special Interest Politics

Special Interest Politics Author Gene M. Grossman
ISBN-10 0262571676
Release 2001
Pages 364
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An exploration of the role that special interest groups play in modern democratic politics.



In Game

In Game Author Gordon Calleja
ISBN-10 9780262294546
Release 2011-05-13
Pages 240
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Digital games offer a vast range of engaging experiences, from the serene exploration of beautifully rendered landscapes to the deeply cognitive challenges presented by strategic simulations to the adrenaline rush of competitive team-based shoot-outs. Digital games enable experiences that are considerably different from a reader's engagement with literature or a moviegoer's experience of a movie. In In-Game, Gordon Calleja examines what exactly it is that makes digital games so uniquely involving and offers a new, more precise, and game-specific formulation of this involvement. One of the most commonly yet vaguely deployed concepts in the industry and academia alike is immersion--a player's sensation of inhabiting the space represented onscreen. Overuse of this term has diminished its analytical value and confused its meaning, both in analysis and design. Rather than conceiving of immersion as a single experience, Calleja views it as blending different experiential phenomena afforded by involving gameplay. He proposes a framework (based on qualitative research) to describe these phenomena: the player involvement model. This model encompasses two constituent temporal phases--the macro, representing offline involvement, and the micro, representing moment-to-moment involvement during gameplay--as well as six dimensions of player involvement: kinesthetic, spatial, shared, narrative, affective, and ludic. The intensified and internalized experiential blend can culminate in incorporation--a concept that Calleja proposes as an alternative to the problematic immersion. Incorporation, he argues, is a more accurate metaphor, providing a robust foundation for future research and design.