The Analytics of Uncertainty and Information (Cambridge Surveys of Economic Literature) - Softcover

Hirshleifer, Jack; Riley, John G.

Softcover

ISBN 10: 0521283698 ISBN 13: 9780521283694

Publisher: Cambridge University Press, 1992

Synopsis

Recent intellectual advances in the theory of uncertainty and information are presented in this book, which unifies many important but partial results into a satisfying single picture, making it clear how the economics of uncertainty and information generalizes and extends standard economic analysis. Part 1 covers the economics of uncertainty: 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 2, covering the economics of information, the state of knowledge is no longer held fixed, and individuals can overcome their ignorance by "informational" actions. The text also addresses many specific topics such as insurance, the Capital Asset Pricing Model, auctions, deterrence of entry, and research and invention.

About this title

Book Description

Recent intellectual advances in the theory of uncertainty and information are unified in an attempt to clarify how the economics of uncertainty and information generalizes and extends standard economic analysis.

Review

"A presentation of intellectual advances in the field written in readable form." Business Horizons

Edition details

• Publisher: Cambridge University Press
• Publication date: 1992
• Language: English
• ISBN 10: 0521283698
• ISBN 13: 9780521283694
• Binding: Perfect Paperback
• Edition number: 1
• Number of pages: 480