Knowledge is a vital resource which confers strategic advantages on those that possess it, and provides the possibility of misuse and abuse with increasingly dangerous economic consequences.
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From the Back Cover
Information is a key issuein decision making in economics and business. Being ‘in the know’ confers strategic advantages to people, allowing them to lie and/or cheat on their uninformed opponents. However, itis possible that all sides end up worse off in such situations, compared with the likely outcome under full information.
This new text is designed to take students through the key issues to give an understanding of the impact of imperfect and asymmetric information in an economic context. At each stage Molho analyses and explains the key points using clear models that set the outcome under imperfect information against that under full information. The book is divided into four major sections covering:
Adverse selection.
Signalling.
Moral hazard.
Mechanical design under imperfect information.
Each section also covers experimental studies that test the predictions of theory. This text is aimed mainly at undergraduate students and gives an accessible introduction to this crucial area of economic theory.
About the Author
Ian Molho is Reader in Applied Microeconomics in the Department of Economics, University of Newcastle. He was previously a research fellow at the University of Kent and his varied research interests include labor markets, game theory, the economics of information and evolutionary economics.
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Inside This Book
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First Sentence:
Lying and cheating are facts of life. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
auction behaviour, same expected price, signalling costs, screening equilibrium, quality increments, signalling equilibria, signalling equilibrium, weak seller, separating outcome, weak buyer, lemons model, pooling contract, high ability workers, separating equilibria, low ability workers, bidding behaviour, private value auctions, experimental auctions, second highest valuation, common value auctions, pooling equilibrium, high productivity workers, auction design, signalling game, separating equilibrium Key Phrases - Capitalized Phrases (CAPs): (learn more)
American Economic Review, Bell Journal of Economics, New York, Quarterly Journal of Economics, Journal of Political Economy, Journal of Economic Perspectives, Oxford University Press, Journal of Economic Theory, Journal of Finance, Mas Colell, Microeconomic Theory, Rand Journal of Economics, Alternative Treatments, Expenmental Evidence New!
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Lying and cheating are facts of life. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
auction behaviour, same expected price, signalling costs, screening equilibrium, quality increments, signalling equilibria, signalling equilibrium, weak seller, separating outcome, weak buyer, lemons model, pooling contract, high ability workers, separating equilibria, low ability workers, bidding behaviour, private value auctions, experimental auctions, second highest valuation, common value auctions, pooling equilibrium, high productivity workers, auction design, signalling game, separating equilibrium Key Phrases - Capitalized Phrases (CAPs): (learn more)
American Economic Review, Bell Journal of Economics, New York, Quarterly Journal of Economics, Journal of Political Economy, Journal of Economic Perspectives, Oxford University Press, Journal of Economic Theory, Journal of Finance, Mas Colell, Microeconomic Theory, Rand Journal of Economics, Alternative Treatments, Expenmental Evidence 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 21
books:
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cite this book:
- A Course in Microeconomic Theory by David M. Kreps on page 112, page 183, and page 243
- Microeconomic Theory by Andreu Mas-Colell on page 112, and page 243
- Experimental Economics (Schools of Thought in Economics) by Vernon L. Smith on page 59, and page 242
- Research in Experimental Economics by Vernon L. Smith on page 59, and page 242
- Principals and Agents: The Structure of Business (Research colloquium / Harvard Business School) by John W. Pratt on page 182
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