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.
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"A presentation of intellectual advances in the field written in readable form." Business Horizons
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.
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9 of 9 people found the following review helpful:
5.0 out of 5 stars
Difficult but worthwhile read,
By "alynder" (Sydney, NSW Australia) - See all my reviews
This review is from: The Analytics of Uncertainty and Information (Cambridge Surveys of Economic Literature) (Paperback)
Firstly, this book is not a book for a novice to economics, and as an economics graduate, I found this a challenging book to read. If you are a mathematics major, you might also want to consider this book. That being said, the theories expressed in this book are truely phenomenal. Anyone with an interest or background in transactions cost economic theory will be both at an advantage, and will have a deep appreciation for the contents of this book.This book comes in two halves. The first deals with situations where an individual has limited information, and derives some generalised theories about how individuals choose actions to obtain a probability density function of alternatives (since outcomes are not fully known). The second half of this book deals with situations where an agent can partake in information gathering activities to reduce the risk involved in the action-consequence connection. This is a tough book, not for the faint of heart. But it is an incredibly worthwhile book. And as I said earlier, a background in economics (or *possibly* mathematics) is essential. Easily worth the money paid.
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Inside This Book
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First Sentence:
Every individual must choose among acts - or synonymously, he or she must make decisions, or select among actions, options, or moves. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
immediate terminal action, stockmarket equilibrium, credence matrix, weak chain store, posterior prices, strong chain store, exercises and excursions, wealth expansion path, final consumption bundle, posterior round, likelihood matrices, complete asset markets, screening equilibrium, sections represent more, posterior probability vectors, concordant beliefs, linear conjecture, posterior matrix, reactive equilibrium, complex gambles, equilibrium price ratio, conclusive message, informative situation, public good effect, reference lottery Key Phrases - Capitalized Phrases (CAPs): (learn more)
Complete Contingent Markets, Marginal Rate of Substitution, American Economic Review, Fundamental Theorem of Risk-bearing, Journal of Economic Theory, New York, Tender Trap, Maynard Smith, Optimal Response Theorem, Ranking Theorem, Education Figure, Law of Large Numbers, Non-refundable Discriminatory, Quarterly Journal of Economics, Central Limit Theorem, Journal of Political Economy, War Admiral, Wet Dry, Bell Journal of Economics, Enter Out Match, Journal of Finance, Portfolio Market Line, Journal of Theoretical Biology, Review of Economic Studies, Undercut Figure New!
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Every individual must choose among acts - or synonymously, he or she must make decisions, or select among actions, options, or moves. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
immediate terminal action, stockmarket equilibrium, credence matrix, weak chain store, posterior prices, strong chain store, exercises and excursions, wealth expansion path, final consumption bundle, posterior round, likelihood matrices, complete asset markets, screening equilibrium, sections represent more, posterior probability vectors, concordant beliefs, linear conjecture, posterior matrix, reactive equilibrium, complex gambles, equilibrium price ratio, conclusive message, informative situation, public good effect, reference lottery Key Phrases - Capitalized Phrases (CAPs): (learn more)
Complete Contingent Markets, Marginal Rate of Substitution, American Economic Review, Fundamental Theorem of Risk-bearing, Journal of Economic Theory, New York, Tender Trap, Maynard Smith, Optimal Response Theorem, Ranking Theorem, Education Figure, Law of Large Numbers, Non-refundable Discriminatory, Quarterly Journal of Economics, Central Limit Theorem, Journal of Political Economy, War Admiral, Wet Dry, Bell Journal of Economics, Enter Out Match, Journal of Finance, Portfolio Market Line, Journal of Theoretical Biology, Review of Economic Studies, Undercut Figure New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 20
books:
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88
books
cite this book:
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- Evolution and the Theory of Games by John Maynard Smith on page 368, and page 404
- The Latest on the Best: Essays on Evolution and Optimality by John Dupré on page 42
- Trade Secrets by John Douglas on page 293
- Decision Analysis: Introductory Lectures on Choices Under Uncertainty by Howard Raiffa on page 223
- Bayesian Models in Economic Theory (Studies in Bayesian econometrics) by Marcel Boyer on page 223
See all 20 books this book cites
- Finance and the Economics of Uncertainty by Gabrielle Demange on page 104, and page 224
- International Trade in Telecommunications (Aei Studies in Telecommunications Deregulation) by Ronald A. Cass on page 193, and Back Matter
- Peripheral Vision: Detecting the Weak Signals That Will Make or Break Your Company by George S. Day on page 227, and Back Matter
- Risk Modeling, Assessment, and Management (Wiley Series in Systems Engineering and Management) by Yacov Y. Haimes on page 81, and page 275
- Finance and the Economics of Uncertainty by Gabrielle Demange on page 104, and page 224
See all 88 books citing this book
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