An Introduction to the Economics of Information - Incentives and Contracts (Hardcover, 2nd Revised edition)

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.

General

Imprint:	Oxford UniversityPress
Country of origin:	United Kingdom
Release date:	March 2001
First published:	March 2001
Authors:	Ines Macho-Stadler (Professor of Economics) • J.David Perez-Castrillo (Associate Professor of Economics)
Translators:	Richard Watt
Dimensions:	242 x 163 x 22mm (L x W x T)
Format:	Hardcover
Pages:	301
Edition:	2nd Revised edition
ISBN-13:	978-0-19-924327-3
Categories:	Books > Business & Economics > Economics > Economic theory & philosophy
LSN:	0-19-924327-1
Barcode:	9780199243273

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