Information, Incentives and the Economics of Control

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9780521330459: Information, Incentives and the Economics of Control
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This book examines methods for controlling or guiding a sector of the economy that do not require all the apparatus of economic planning or rely on the vain hope of sufficiently "perfect" competition, but instead rely entirely on the self-interest of economic agents and voluntary contract. The methods involved require trial-and-error steps in real time, with the target adjusted as the results of each step become known. The author shows that the methods are equally applicable to industries that are wholly privately owned, wholly nationalized, mixed or labor-managed.

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This 1992 book examines alternative methods for achieving optimality without all the apparatus of economic planning (such as information retrieval, computation of solutions, and separate implementation systems), or a vain reliance on sufficiently 'perfect' competition. All rely entirely on the self-interest of economic agents and voluntary contract.

Review:

"Archibald's book is timely: its contents throw light on several important current debates which are being argued within frameworks less appropriate than the one he sets out...this is a short, insightful, and timely book in a distinguished interventionist intellectual tradition in the area of public policy and public institutions." Geoffrey Heal, Journal of Economic Literature

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Book Description CAMBRIDGE UNIVERSITY PRESS, United Kingdom, 2011. Hardback. Condition: New. New. Language: English . Brand New Book ***** Print on Demand *****. This 1992 book examines alternative methods for achieving optimality without all the apparatus of economic planning (such as information retrieval, computation of solutions, and separate implementation systems), or a vain reliance on sufficiently perfect competition. All rely entirely on the self-interest of economic agents and voluntary contract. The author considers methods involving feedback iterative controls which require the prior selection of a criterion function , but no prior calculation of optimal quantities. The target is adjusted as the results for each step become data for the criterion function. Implementation is built in by the incentive structure, and all controls rely on consistency with the self-interest of individuals. The applicability of all the methods is shown to be independent of the form of ownership of enterprises: examples are given for industries which are wholly privately owned, wholly nationalized, mixed and labour-managed. Seller Inventory # APC9780521330459

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Book Description CAMBRIDGE UNIVERSITY PRESS, United Kingdom, 2011. Hardback. Condition: New. New. Language: English . Brand New Book ***** Print on Demand *****.This 1992 book examines alternative methods for achieving optimality without all the apparatus of economic planning (such as information retrieval, computation of solutions, and separate implementation systems), or a vain reliance on sufficiently perfect competition. All rely entirely on the self-interest of economic agents and voluntary contract. The author considers methods involving feedback iterative controls which require the prior selection of a criterion function , but no prior calculation of optimal quantities. The target is adjusted as the results for each step become data for the criterion function. Implementation is built in by the incentive structure, and all controls rely on consistency with the self-interest of individuals. The applicability of all the methods is shown to be independent of the form of ownership of enterprises: examples are given for industries which are wholly privately owned, wholly nationalized, mixed and labour-managed. Seller Inventory # APC9780521330459

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Book Description Cambridge University Press. Hardcover. Condition: New. 192 pages. Dimensions: 8.5in. x 5.6in. x 0.7in.This book examines methods for controlling or guiding a sector of the economy that do not require all the apparatus of economic planning or rely on the vain hope of sufficiently perfect competition, but instead rely entirely on the self-interest of economic agents and voluntary contract. The methods involved require trial-and-error steps in real time, with the target adjusted as the results of each step become known. The author shows that the methods are equally applicable to industries that are wholly privately owned, wholly nationalized, mixed or labor-managed. This item ships from multiple locations. Your book may arrive from Roseburg,OR, La Vergne,TN. Hardcover. Seller Inventory # 9780521330459

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