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A textbook on optimal contract theory, An Introduction to the Economics of Information covers the consequences for the character and efficiency of the interaction between individuals or 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: Moral Hazard--when the asymmetry
arises after the contract has been signed Adverse Selection--when the agent has relevant private infromation before the contract is signed Signalling--when the informed part is able to reveal private information through behaviour before the agreement is formalized The wide range of economic
situations where the conclusions are applied includes such areas as finance, regulation, insurance, labor 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. Solved exercises test the student's understanding of the material, and develop the tools and skills provided by the main text to solve other, original problems.
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: Moral Hazard--when the asymmetry
arises after the contract has been signed Adverse Selection--when the agent has relevant private infromation before the contract is signed Signalling--when the informed part is able to reveal private information through behaviour before the agreement is formalized The wide range of economic
situations where the conclusions are applied includes such areas as finance, regulation, insurance, labor 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. Solved exercises test the student's understanding of the material, and develop the tools and skills provided by the main text to solve other, original problems.
"synopsis" may belong to another edition of this title.
About the Author:
J. David Perez-Castrillo, Associate Professor of Economics, both at the Departament d'Economia i d'Historia Economica, Universitat Autonoma de Barcelona.
Language Notes:
Text: Spanish (translation)
Original Language: English
Original Language: English
"About this title" may belong to another edition of this title.
- PublisherOxford University Press
- Publication date1997
- ISBN 10 0198774672
- ISBN 13 9780198774679
- BindingHardcover
- Number of pages296
- Rating
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An Introduction to the Economics of Information: Incentives and Contracts
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(1997)
ISBN 10: 0198774672
ISBN 13: 9780198774679
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An introduction to the economics of information : incentives and contracts / Inés Macho-Stadler, J. David Pérez-Castrillo ; translated by Richard Watt ; : pbk.-- Oxford University Press; 1997.
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Book Description Hardcover. Condition: Good. xiv, 277 p. Ex-Library. Seller Inventory # GU0865
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An Introduction to the Economics of Information: Incentives and Contracts
Published by
Oxford University Press
(1997)
ISBN 10: 0198774672
ISBN 13: 9780198774679
Used
Hardcover
Quantity: 1
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