The Economics of missing markets, information, and games
Oxford University Press, Incorporated, 1989 - Business & Economics - 511 pages
This collection of papers is the result of a Cambridge University study of the consequences of missing markets, asymmetric information, market-dependent information, strategic market situations, and the role of quantity signals. The contributors also consider the behavior of overlapping generation models and their macroeconomic implications, providing a useful reference text on most of the main issues of current interest to economic theorists.
What people are saying - Write a review
We haven't found any reviews in the usual places.
introduction Frank Hahn
OUTOFEQUILIBRIUM BELIEFS AND OUTOFEQUILIBRIUM
THE ROLE OF COMMON KNOWLEDGE ASSUMPTIONS IN GAME
19 other sections not shown
actions agents allocation analysis argument assume assumption asymmetric information autarky bargaining behaviour bounded rationality buyers choice choose common knowledge competitive concave conjectures consider consumers consumption contingent markets contract cost cycle dealers defined demand denote depend deviation discount dynamic economic efficient equations example exists expected utility farmers finite number firm futures market futures price game theory given Hence implies increase indifference curves infinite information set labour marginal market-clearing maximization minmax money world Nash equilibrium node normal observe offer optimal outcome output overlapping generations model parameter Pareto-efficient payoffs perfect period play player possible preferences probability distribution problem production profits Proposition punishment random rational expectations equilibrium result risk risk-averse risk-neutral satisfies Section selling sequential equilibrium signal signalling game solution spot market spot price Stiglitz strategies subgame subgame perfect equilibrium sunspot sunspot equilibrium Suppose Theorem theory trade uncertainty uninformed utility function variable vector wage