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The Economics of Asymmetric Information

The Economics of Asymmetric Information Author Brian Hillier
ISBN-10 0333647505
Release 1997
Pages 188
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This book presents recent developments in The Economics of Asymmetric Information. The problems of selection and moral hazard, with hidden actions or hidden information, are introduced by examining how they affect the market for investment finance. The ideas are then used to analyse the market for insurance, signalling and screening models of education, efficiency wages, industrial regulation, public procurement and auctions. Coverage is thorough while avoiding excessive mathematical detail. Diagrams and verbal reasoning make the ideas accessible to intermediate level undergraduate students and beyond.



Essays in the economics of asymmetric information

Essays in the economics of asymmetric information Author Fredrik Andersson
ISBN-10 CORNELL:31924070121029
Release 1995
Pages 118
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Essays in the economics of asymmetric information has been writing in one form or another for most of life. You can find so many inspiration from Essays in the economics of asymmetric information also informative, and entertaining. Click DOWNLOAD or Read Online button to get full Essays in the economics of asymmetric information book for free.



Asymmetric Information in Financial Markets

Asymmetric Information in Financial Markets Author Ricardo N. Bebczuk
ISBN-10 0521797322
Release 2003-08-21
Pages 159
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Examination of the features and implications of asymmetric information in financial markets.



Asymmetric Information Corporate Finance and Investment

Asymmetric Information  Corporate Finance  and Investment Author R. Glenn Hubbard
ISBN-10 9780226355948
Release 2009-05-15
Pages 352
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In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.



Economic Analysis of Contract Law

Economic Analysis of Contract Law Author Sugata Bag
ISBN-10 9783319652689
Release 2018-01-24
Pages 203
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This book examines the main issues arising in economic analysis of contract law with special attention given to the incomplete contracts. It discusses both the main features of contract law as they relate to the problem of economic exchange, and how the relevant legal rules and the institutions can be analysed from an economic perspective. Evaluate the welfare impacts, analyses the effects and the desirability of different breach remedies and examines the optimal incentive structure of party-designed liquidated damages under the different dimensions of informational asymmetry. Overall the book aims to contribute to the legal debate over the adoption of the specific breach remedies when the breach victim’s expectation interest is difficult to assess, and to the debate over courts' reluctance to implement large penalties in the event of breach of contracts.



Essays on the Economics of Asymmetric Information

Essays on the Economics of Asymmetric Information Author Ezra Henry Friedman
ISBN-10 OCLC:39767687
Release 1998
Pages 134
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Essays on the Economics of Asymmetric Information has been writing in one form or another for most of life. You can find so many inspiration from Essays on the Economics of Asymmetric Information also informative, and entertaining. Click DOWNLOAD or Read Online button to get full Essays on the Economics of Asymmetric Information book for free.



Economics of Asymmetric Information

Economics of Asymmetric Information Author Dilip M. Nachane
ISBN-10 8176298263
Release 2006-01-01
Pages 234
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Contributed papers presented at the one of the technical sessions of Indian Economic Association's 85th conference held at the Kerala University in 2002.



The Core of Economies with Asymmetric Information

The Core of Economies with Asymmetric Information Author Ulrich Schwalbe
ISBN-10 9783642584770
Release 2012-12-06
Pages 147
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and should therefore constitute a part of every area of economic 3 theory. The spectrum covered by information economics today ranges from Stigler's search theory4 to industrial economics, including oligopoly theory, innovation, as well as research and develop 5 ment. However, the area information economics is most closely connected with is the theory of optimal contracts, mainly ana 6 lyzed in principal-agent models. Contract theory deals primar ily with the question of how optimal arrangements (contracts) for the purchase and sale of commodities and services between two or more agents should be structured. In these models, it is often assumed that the parties to the contract are informed differently or asymmetrically about relevant variables (e. g. the health of one party in the case of insurance contracts, or the effort in relation to employment contracts). As a result of this asymmetric in formation, phenomena such as moral hazard, adverse selection, signaling, and screening may arise. Frequently, results from con tract theory are referred to when making statements about the effects of asymmetric information on an economy. Models of this kind are often used to explain phenomena such as fixed wages or unemployment, among others. 7 However, such conclusions must be treated with caution for two reasons. In the first place, in these models, a contract (explicit or implicit) is determined by the solution of an optimization prob lem.



Asset Pricing Under Asymmetric Information

Asset Pricing Under Asymmetric Information Author Markus Konrad Brunnermeier
ISBN-10 9780198296980
Release 2001
Pages 244
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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 modelasymmetric 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."



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



Asymmetric Information

Asymmetric Information Author Books, LLC
ISBN-10 1156398134
Release 2010-05
Pages 98
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 28. Chapters: Moral hazard, Principal-agent problem, Signaling game, Information economics, The Market for Lemons, Capital Market Imperfections, Information asymmetry, Adverse selection, Delegation, Agency cost, Signalling, Cheap talk, Contract theory, Lewis signaling game, Costly state verification, Screening, Single crossing condition. Excerpt: In political science and economics, the principal-agent problem or agency dilemma treats the difficulties that arise under conditions of incomplete and asymmetric information when a principal hires an agent, such as the problem of potential moral hazard and conflict of interest, in as much as the principal is-presumably-hiring the agent to pursue the principal's interests. Various mechanisms may be used to try to align the interests of the agent in solidarity with those of the principal, such as piece rates/commissions, profit sharing, efficiency wages, performance measurement (including financial statements), the agent posting a bond, or fear of firing. The principal-agent problem is found in most employer/employee relationships, for example, when shareholders hire top executives of corporations. Political science has noted the problems inherent in the delegation of legislative authority to bureaucratic agencies. As another example, the implementation of legislation (such as laws and executive directives) is open to bureaucratic interpretation, which creates opportunities and incentives for the bureaucrat-as-agent to deviate from the intentions or preferences of the legislators. Variance in the intensity of legislative oversight also serves to increase principal-agent problems in implementing legislative preferences. Basic idea of Agency Theory (P: Principal, A: Agent) In political science and economics, the problem of motivating a party to act on behalf of another is known as 'the prin...



Sequential versus unitary trials with Asymmetric information

Sequential versus unitary trials with Asymmetric information Author Hung-Ken Chien
ISBN-10 STANFORD:36105016999083
Release 1995
Pages 20
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Sequential versus unitary trials with Asymmetric information has been writing in one form or another for most of life. You can find so many inspiration from Sequential versus unitary trials with Asymmetric information also informative, and entertaining. Click DOWNLOAD or Read Online button to get full Sequential versus unitary trials with Asymmetric information book for free.



Financial markets asymmetric information and macroeconomic equilibrium

Financial markets  asymmetric information  and macroeconomic equilibrium Author Fabrizio Mattesini
ISBN-10 UOM:39015029250852
Release 1993-04-01
Pages 188
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Financial markets asymmetric information and macroeconomic equilibrium has been writing in one form or another for most of life. You can find so many inspiration from Financial markets asymmetric information and macroeconomic equilibrium also informative, and entertaining. Click DOWNLOAD or Read Online button to get full Financial markets asymmetric information and macroeconomic equilibrium book for free.



Credit Markets with Asymmetric Information

Credit Markets with Asymmetric Information Author Gerhard Clemenz
ISBN-10 9783642456145
Release 2012-12-06
Pages 212
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Credit Markets with Asymmetric Information has been writing in one form or another for most of life. You can find so many inspiration from Credit Markets with Asymmetric Information also informative, and entertaining. Click DOWNLOAD or Read Online button to get full Credit Markets with Asymmetric Information book for free.



Public Decision Making Processes and Asymmetry of Information

Public Decision Making Processes and Asymmetry of Information Author Massimo Marrelli
ISBN-10 9781461515838
Release 2012-12-06
Pages 206
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The problems arising from the existence of asymmetric information in public decision making have been widely explored by economists. Most of the traditional analysis of public sector activities has been reviewed to take accountofthe possible distortions arising from an asymmetric distribution of relevant information among the actors of the public decision-making process. A normative approach has been developed to design incentive schemes which tackle adverse selection and moral hazard problems within public organisations: our understanding of these problems is now much better, and some of the mechanisms designed have had important practical implications. While this analysis is still under way in many fields of public economics, as the papers by Jones and Zanola, and Trimarchi witness, a debate is ongoing on the possible theoretical limitations ofthis approach and on its actual relevance for public sector activities. This book encompasses different contributions to these issues, on both theoretical and practical areas, which were firstly presented at a conference in Catania. The innermost problem in the current discussion arises from the fact that this normative analysis is firmly rooted in the complete contracting framework, with the consequence that, despite the analytical complexities of most models, their results rely on very simplified assumptions. Most complexities of the organisation of public sector, and more generally, of writing "contracts", are therefore swept away.



Markets Don t Fail

Markets Don t Fail Author Brian P. Simpson
ISBN-10 9780739157534
Release 2005-05-03
Pages 234
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In all of the contemporary economics textbooks that have been written there is typically at least one chapter that addresses 'market failure.' Markets Don't Fail! is a response to what author Brian Simpson sees as a fundamental error in the thinking of some economists. The chapter titles of this book are crafted against the premises of 'market failure' arguments, and a significant portion of this book focuses on exposing the invalid premises upon which the claims of market failure are based and providing a proper basis upon which to judge the free market. The material in this book provides a strong antidote to the arguments typically presented in contemporary economics textbooks. Through example and argument, Brian Simpson shows that the claims against the free market are not true. In fact, he demonstrates how free markets succeed, how they raise the standard of living of all individuals who live within them, and how free markets allow human life to flourish. However, the book goes much deeper than economics by providing a moral and epistemological defense of the free market. Markets Don't Fail! gets to the fundamental, philosophical reasons why the claims of market failure are false and why markets actually succeed. Through an integration of economics and philosophy Simpson is able to provide a comprehensive, rigorous, and logically consistent defense of the free market. The specific topics covered in the book include monopoly, antitrust laws and predatory pricing, 'externalities,' the regulation of safety and quality, environmentalism, economic inequality, 'public goods,' and asymmetric information. This book is an invaluable tool for anyone who wants to gain a sound understanding of the free market.



Information Economics

Information Economics Author Urs Birchler
ISBN-10 9781134190584
Release 2007-08-07
Pages 488
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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.