Information, Incentives and the Economics of Control (Paperback, New ed)

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.

General

Imprint:	Cambridge UniversityPress
Country of origin:	United Kingdom
Release date:	December 2005
First published:	1992
Authors:	G. C. Archibald
Dimensions:	216 x 139 x 13mm (L x W x T)
Format:	Paperback - Trade
Pages:	192
Edition:	New ed
ISBN-13:	978-0-521-02279-8
Categories:	Books > Business & Economics > Economics > Economic theory & philosophy
LSN:	0-521-02279-7
Barcode:	9780521022798

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