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Advances in Mathematical Economics (Hardcover, 2000 ed.)
Loot Price: R2,884
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Advances in Mathematical Economics (Hardcover, 2000 ed.)
Series: Advances in Mathematical Economics, 2
Expected to ship within 10 - 15 working days
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The role of asymmetric information in allocation of resources,
together with the associated information-revelation process, has
long been a central focus of economic research. While the bulk of
the literature addresses these is sues within the framework of
principal-agent relationship, which essentially reduces the problem
to the sole principal's (the sole Stackelberg leader's)
optimization problem subject to the agents' (the Stackelberg
followers') re sponses, there are recent attempts to extend
analysis to other economic setups characterized by different
relationships among decision-makers. A notable strand of such
attempts is the core analysis of incomplete in formation. Here,
there is no Stackelberg-type relationship, and more impor tantly
the players can talk to each other for coordinated choice of
strategies. See, e.g., Wilson (1978) for a pioneering work;
Yannelis (1991) for formula tion of feasibility of a strategy as
its measurability; Ichiishi and Idzik (1996) for introduction of
Bayesian incentive-compatibility to this strand; Ichiishi, Idzik
and Zhao (1994) for information revelation (that is, endogenous
deter mination of updated information structures); Ichiishi and
Radner (1997) and Ichiishi and Sertel (1998) for studies of a
specific model of Chandler's firm in multidivisional form for
sharper results; and Vohra (1999) for a recent work. It is a common
postulate in these works that every player takes part in design of
a mechanism and also in execution of the signed contract."
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