|
Showing 1 - 11 of
11 matches in All Departments
The Economics of Contracts provides a guided tour to the leading
ideas in contract theory. It assembles some of the foundational
writings on contracting under limited and asymmetric information,
incentives and mechanism design. It contains, in particular, the
key contributions of five recent Nobel Prize winners in economics
and brings together the most important articles that have followed
these path-breaking works.
|
Speculation, Trading, and Bubbles (Hardcover)
Jose A Scheinkman; As told to Kenneth J. Arrow, Patrick Bolton, Sanford J. Grossman, Joseph E. Stiglitz
|
R523
R450
Discovery Miles 4 500
Save R73 (14%)
|
Ships in 12 - 17 working days
|
As long as there have been financial markets, there have been
bubbles-those moments in which asset prices inflate far beyond
their intrinsic value, often with ruinous results. Yet economists
are slow to agree on the underlying forces behind these events. In
this book Jose A. Scheinkman offers new insight into the mystery of
bubbles. Noting some general characteristics of bubbles-such as the
rise in trading volume and the coincidence between increases in
supply and bubble implosions-Scheinkman offers a model, based on
differences in beliefs among investors, that explains these
observations. Other top economists also offer their own thoughts on
the issue: Sanford J. Grossman and Patrick Bolton expand on
Scheinkman's discussion by looking at factors that contribute to
bubbles-such as excessive leverage, overconfidence, mania, and
panic in speculative markets-and Kenneth J. Arrow and Joseph E.
Stiglitz contextualize Scheinkman's findings.
A comprehensive introduction to contract theory, emphasizing common
themes and methodologies as well as applications in key areas.
Despite the vast research literature on topics relating to contract
theory, only a few of the field's core ideas are covered in
microeconomics textbooks. This long-awaited book fills the need for
a comprehensive textbook on contract theory suitable for use at the
graduate and advanced undergraduate levels. It covers the areas of
agency theory, information economics, and organization theory,
highlighting common themes and methodologies and presenting the
main ideas in an accessible way. It also presents many applications
in all areas of economics, especially labor economics, industrial
organization, and corporate finance. The book emphasizes
applications rather than general theorems while providing
self-contained, intuitive treatment of the simple models analyzed.
In this way, it can also serve as a reference for researchers
interested in building contract-theoretic models in applied
contexts.The book covers all the major topics in contract theory
taught in most graduate courses. It begins by discussing such basic
ideas in incentive and information theory as screening, signaling,
and moral hazard. Subsequent sections treat multilateral
contracting with private information or hidden actions, covering
auction theory, bilateral trade under private information, and the
theory of the internal organization of firms; long-term contracts
with private information or hidden actions; and incomplete
contracts, the theory of ownership and control, and contracting
with externalities. Each chapter ends with a guide to the relevant
literature. Exercises appear in a separate chapter at the end of
the book.
Reducing carbon emissions is the most complex political and
economic problem humanity has ever confronted. Coping with the
Climate Crisis brings together leading experts from academia and
policy circles to explore issues related to the implementation of
the COP21 Paris Agreement and the challenges of accelerating the
transition toward sustainable development. The book synthesizes the
key insights that emerge from the latest research in climate-change
economics in an accessible and useful guide for policy makers and
researchers. Contributors consider a wide range of issues,
including the economic implications and realities of shifting away
from fossil fuels, the role of financial markets in incentivizing
development and construction of sustainable infrastructure, the
challenges of evaluating the well-being of future generations, the
risk associated with uncertainty surrounding the pace of climate
change, and how to make climate agreements enforceable. They
demonstrate the need for a carbon tax, considering the issues of
efficiently pricing carbon as well as the role of supply-side
policies on fossil fuels. Through a range of perspectives from
academic economists and practitioners in the public and private
sectors who work either at the country level or under the auspices
of multilateral organizations, Coping with the Climate Crisis
outlines what it will take to achieve a viable, global
climate-stabilization path.
Sovereign wealth funds (SWFs) are state-owned investment funds with
combined asset holdings that are fast approaching four trillion
dollars. Recently emerging as a major force in global financial
markets, SWFs have other distinctive features besides their
state-owned status: they are mainly located in developing countries
and are intimately tied to energy and commodities exports, and they
carry virtually no liabilities and have little redemption risk,
which allows them to take a longer-term investment outlook than
most other institutional investors. Edited by a Nobel laureate, a
respected academic at the Columbia Business School, and a longtime
international banker and asset manager, this volume examines the
specificities of SWFs in greater detail and discusses the
implications of their growing presence for the world economy. Based
on essays delivered in 2011 at a major conference on SWFs held at
Columbia University, this volume discusses the objectives and
performance of SWFs, as well as their benchmarks and governance.
What are the opportunities for SWFs as long-term investments? How
do they fulfill their socially responsible mission? And what role
can SWFs play in fostering sustainable development and greater
global financial stability? These are some of the crucial questions
addressed in this one-of-a-kind volume.
Sovereign wealth funds (SWFs) are state-owned investment funds with
combined asset holdings that are fast approaching four trillion
dollars. Recently emerging as a major force in global financial
markets, SWFs have other distinctive features besides their
state-owned status: they are mainly located in developing countries
and are intimately tied to energy and commodities exports, and they
carry virtually no liabilities and have little redemption risk,
which allows them to take a longer-term investment outlook than
most other institutional investors. Edited by a Nobel laureate, a
respected academic at the Columbia Business School, and a longtime
international banker and asset manager, this volume examines the
specificities of SWFs in greater detail and discusses the
implications of their growing presence for the world economy. Based
on essays delivered in 2011 at a major conference on SWFs held at
Columbia University, this volume discusses the objectives and
performance of SWFs, as well as their benchmarks and governance.
What are the opportunities for SWFs as long-term investments? How
do they fulfill their socially responsible mission? And what role
can SWFs play in fostering sustainable development and greater
global financial stability? These are some of the crucial questions
addressed in this one-of-a-kind volume.
Access to credit is an important means of providing people with the
opportunity to make a better life for themselves. Loans are
essential for most people who want to purchase a home, start a
business, pay for college, or weather a spell of unemployment. Yet
many people in poor and minority communities--regardless of their
crediworthiness--find credit hard to come by, making the climb out
of poverty extremely difficult. How dire are the lending markets in
these communities and what can be done to improve access to credit
for disadvantaged groups? In "Credit Markets for the Poor, editors
Patrick Bolton and Howard Rosenthal and an expert team of
economists, political scientists, and legal and business scholars
tackle these questions with shrewd analysis and a wealth of
empirical data. "Credit Markets for the Poor opens by examining
what credit options are available to poor households. Economist
John Caskey profiles how weak credit options force many working
families into a disastrous cycle of short-term, high interest loans
in order to sustain themselves between paychecks. Loic Sadoulet
explores the reasons that community lending organizations, which
have been so successful in developing countries, have failed in
more advanced economies. He argues the obstacles that have
inhibited community lending groups in industrialized
countries--such as a lack of institutional credibility and the high
cost of establishing lending networks--can be overcome if banks
facilitate the community lending process and establish a system of
repayment insurance. "Credit Markets for the Poor also examines how
legal institutions affect the ability of the poor to borrow.
Daniela Fabbri and Mario Padula argue thatwell-meaning provisions
making it more difficult for lenders to collect on defaulted loans
are actually doing a disservice to the poor in credit markets. They
find that in areas with lax legal enforcement of debt agreements,
credit markets for the poor are underdeveloped because lenders are
unwilling to take risks on issuing credit or will do so only at
exorbitant interest rates. Timothy Bates looks at programs that
facilitate small-business development and finds that they have done
little to reduce poverty. He argues that subsidized business
creation programs may lure inexperienced households into
entrepreneurship in areas where little profitable investment is
possible, hence setting them up for failure. With clarity and
insightful analysis, "Credit Markets for the Poor demonstrates how
weak credit markets are impeding the social and economic mobility
of the needy. By detailing the many disadvantages that
improverished people face when seeking to borrow, this important
new volume highlights a significant national problem and offers
solutions for the future.
|
You may like...
The Survivors
Jane Harper
Paperback
R459
R380
Discovery Miles 3 800
Michael K
Nthikeng Mohlele
Paperback
R299
R234
Discovery Miles 2 340
God's Pocket
Sven Axelrad
Paperback
R320
R229
Discovery Miles 2 290
Only The Brave
Danielle Steel
Paperback
R365
R260
Discovery Miles 2 600
Day One
Abigail Dean
Paperback
R390
R260
Discovery Miles 2 600
One Good Thing
Alexandra Potter
Paperback
R365
R285
Discovery Miles 2 850
|