An Introduction to the Economics of Information: Incentives and Contracts

Macho-Stadler, Inés

ISBN 10: 0199243271 / ISBN 13: 9780199243273

Published by OUP Oxford, 2001

About this Item

This is an updated graduate textbook on the theory of contracting under asymmetric information, a key part of modern microeconomic theory. It examines the characteristics of optimal contracts when one party has certain relevant knowledge that the other party does not. The exercises that test students' understanding are extended for each chapter. Translator(s): Watt, Richard. Num Pages: 301 pages, numerous line drawings. BIC Classification: KCA. Category: (P) Professional & Vocational. Dimension: 240 x 163 x 23. Weight in Grams: 584. . 2001. 2nd Edition. hardcover. . . . . Books ship from the US and Ireland.

Seller Inventory # V9780199243273

Bibliographic Details

• Title: An Introduction to the Economics of Information: Incentives and Contracts
• Publisher: OUP Oxford
• Publication Date: 2001
• Language: English
• ISBN 10: 0199243271
• ISBN 13: 9780199243273
• Binding: Hardcover
• Edition: 2nd Edition
• Condition: New

About this title

Synopsis

This text, a fully revised second edition, covers the consequences for the character and efficiency of the interaction between individuals and 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 of Moral Hazard, Adverse Selection, and Signalling. The wide range of economic situations where the conclusions are applied includes such areas as finance, regulation, insurance, labour economics, health economics, and even politics. Each chapter presents the basic theory before moving on to applications and advanced topics."

About the Author

Inés Macho-Stadler is Associate Professor of Economics at the Universitat Autonoma de Barcelona. He gained his Ph.D. in Economics from the Ecole Hautes Etudes en Sciences Sociales (Paris). J. David Pérez-Castrillo is Associate Professor of Economics at the Universitat Autonoma de Barcelona. He gained his Ph.D. in Economics from the Ecole Hautes Etudes en Sciences Sociales (Paris).