The economics of uncertainty and information:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass. u.a.
MIT Press
1990
|
| Edition: | 3. print. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Literaturangaben |
| Physical Description: | 289 S. graph. Darst. |
| ISBN: | 0262121360 |
Staff View
MARC
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| 245 | 1 | 0 | |a The economics of uncertainty and information |c Jean-Jacques Laffont |
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Record in the Search Index
| _version_ | 1804119283594166272 |
|---|---|
| adam_text | Contents
Preface ix
Mathematical Notation and Definitions xi
Introduction 1
1 Individual Behavior under Uncertainty 6
1.1 The Expected Utility Hypothesis 6
1.2 The Theory of von Neumann and Morgenstern 9
1.3 Nonprobabilistic Consequences 14
Suggested Readings 18
References 18
2 Measuring Risk Aversion and Risk 19
2.1 Measures of Risk Aversion 19
2.2 Measures of Risk 24
2.3* The Maximin Criterion 30
2.4* Proof of Pratt s Theorem 31
2.5* Stochastic Dominance 32
2.6* Generalization of the Expected Utility Hypothesis 33
2.7* Risk Aversion with Many Goods 35
Suggested Readings 38
References 38
3 Certainty Equivalence 40
3.1 Certainty Equivalence 40
3.2 First Order Certainty Equivalence 44
3.3 A More General Notion of First Order Equivalence 50
3.4* The Irreversibility Effect 52
3.5* The Arrow Lind Theorem 53
Suggested Readings 54
References 54
4 Information Structures 55
4.1 Prior Information 55
vi Contents
4.2 Information Structure without Noise 56
4.3 Information Structure with Noise 62
4.4 The Demand for Information 66
4.5* Proof of Blackwell s Theorem 68
Suggested Readings 68
References 69
5 The Theory of Contingent Markets 70
5.1 A New Interpretation of the Edgeworth Box 70
5.2 Generalization 75
5.3 Different Information Structures 77
5.4 The Value of Information 79
Suggested Readings 81
References 81
6 Equilibria with Perfect Foresight in Incomplete
Markets 82
6.1 Back to the Arrow Debreu Equilibrium 82
6.2 The Equilibrium with Perfect Foresight 84
6.3 The Normative Analysis of Equilibria with Perfect
Foresight 88
6.4 Existence of Equilibrium 94
6.5 On the Incompleteness of Markets 96
6.6* Law and Economics 99
6.7* Sunspot Equilibria 99
Suggested Readings 101
References 101
7 The Stock Market 103
7.1 Competitive Equilibrium in the Stock Market 103
7.2 Several Special Cases 109
7.3 The Modigliani Miller Theorem 115
7.4 Concluding Remarks 116
7.5* The Capital Asset Pricing Model 117
Contents vii
Suggested Readings 119
References 119
8 The Theory of Insurance 121
8.1 Contingent Markets and Insurance 121
8.2 Moral Hazard 125
8.3 Adverse Selection 128
8.4 Concluding Remarks 133
Suggested Readings 134
References 134
9 The Transmission of Information by Prices 135
9.1 The Green Lucas Equilibrium 135
9.2 The Problem of the Existence of Equilibrium in Systems of
Incomplete Markets 143
9.3 Welfare Analysis of Green Lucas Equilibria 146
Suggested Readings 151
References 151
10 Adverse Selection and Exchange 153
10.1 The Characterization of Incentive Compatible Contracts 153
10.2 The Selection of a Contract 159
10.3 Competition among Agents 164
10.4 Repeated Contracts 169
10.5 Examples 174
Suggested Readings 178
References 179
11 Moral Hazard and Exchange 180
11.1 The First Order Condition Approach 181
11.2 Validity and Limitations of the First Order Condition
Approach 187
11.3 Competition among Agents 190
11.4 Repeated Principal Agent Relations 193
viii Contents
11.5 Concluding Remarks 195
Suggested Readings 196
References 197
Worked Problems 199
Exercises without Solutions 277
Index 285
|
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| author | Laffont, Jean-Jacques 1947-2004 |
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| dewey-search | 338.522 338.5 19 |
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| discipline | Wirtschaftswissenschaften |
| edition | 3. print. |
| format | Book |
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| indexdate | 2024-07-09T16:23:44Z |
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| spelling | Laffont, Jean-Jacques 1947-2004 Verfasser (DE-588)11006061X aut Economie de l'incertain et de l'information The economics of uncertainty and information Jean-Jacques Laffont 3. print. Cambridge, Mass. u.a. MIT Press 1990 289 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Literaturangaben Entscheidung bei Unsicherheit - Informationsökonomie Microeconomics Uncertainty Unsicherheit (DE-588)4186957-6 gnd rswk-swf Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd rswk-swf Unvollkommene Information (DE-588)4140474-9 gnd rswk-swf Information (DE-588)4026899-8 gnd rswk-swf Mikroökonomisches Modell (DE-588)4125908-7 gnd rswk-swf Mikroökonomie (DE-588)4039225-9 gnd rswk-swf Wirtschaftstheorie (DE-588)4079351-5 gnd rswk-swf Information (DE-588)4026899-8 s Unsicherheit (DE-588)4186957-6 s Wirtschaftstheorie (DE-588)4079351-5 s DE-604 Entscheidung bei Unsicherheit (DE-588)4070864-0 s Mikroökonomie (DE-588)4039225-9 s Unvollkommene Information (DE-588)4140474-9 s 1\p DE-604 Mikroökonomisches Modell (DE-588)4125908-7 s 2\p DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003168910&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Laffont, Jean-Jacques 1947-2004 The economics of uncertainty and information Entscheidung bei Unsicherheit - Informationsökonomie Microeconomics Uncertainty Unsicherheit (DE-588)4186957-6 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd Unvollkommene Information (DE-588)4140474-9 gnd Information (DE-588)4026899-8 gnd Mikroökonomisches Modell (DE-588)4125908-7 gnd Mikroökonomie (DE-588)4039225-9 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd |
| subject_GND | (DE-588)4186957-6 (DE-588)4070864-0 (DE-588)4140474-9 (DE-588)4026899-8 (DE-588)4125908-7 (DE-588)4039225-9 (DE-588)4079351-5 |
| title | The economics of uncertainty and information |
| title_alt | Economie de l'incertain et de l'information |
| title_auth | The economics of uncertainty and information |
| title_exact_search | The economics of uncertainty and information |
| title_full | The economics of uncertainty and information Jean-Jacques Laffont |
| title_fullStr | The economics of uncertainty and information Jean-Jacques Laffont |
| title_full_unstemmed | The economics of uncertainty and information Jean-Jacques Laffont |
| title_short | The economics of uncertainty and information |
| title_sort | the economics of uncertainty and information |
| topic | Entscheidung bei Unsicherheit - Informationsökonomie Microeconomics Uncertainty Unsicherheit (DE-588)4186957-6 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd Unvollkommene Information (DE-588)4140474-9 gnd Information (DE-588)4026899-8 gnd Mikroökonomisches Modell (DE-588)4125908-7 gnd Mikroökonomie (DE-588)4039225-9 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd |
| topic_facet | Entscheidung bei Unsicherheit - Informationsökonomie Microeconomics Uncertainty Unsicherheit Entscheidung bei Unsicherheit Unvollkommene Information Information Mikroökonomisches Modell Mikroökonomie Wirtschaftstheorie |
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