| The Analytics of Uncertainty and Information Contributor(s): Hirshleifer, Jack (Author), Riley, John G. (Author) |
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ISBN: 1139167634 ISBN-13: 9781139167635 Publisher: Cambridge University Press OUR PRICE: $213.75 Product Type: Open Ebook - Other Formats Published: June 2012 |
| Additional Information |
| BISAC Categories: - Business & Economics | Economics - Microeconomics |
| Dewey: 339.5 |
| Series: Cambridge Surveys of Economic Literature |
| Descriptions, Reviews, Etc. |
| Publisher Description: Recent intellectual advances in the theory of uncertainty and information are presented in this book, which unifies many important but partial results into a satisfying single picture, making it clear how the economics of uncertainty and information generalizes and extends standard economic analysis. Part 1 covers the economics of uncertainty: each person adapts to a given fixed state of knowledge by making an optimal choice among the immediate terminal actions available. These choices in turn determine the overall market equilibrium reflecting the social distribution of risk-bearing. In Part 2, covering the economics of information, the state of knowledge is no longer held fixed, and individuals can overcome their ignorance by informational actions. The text also addresses many specific topics such as insurance, the Capital Asset Pricing Model, auctions, deterrence of entry, and research and invention. |