Advances in Mathematical Economics PDF ePub eBook

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Advances in Mathematical Economics free pdf 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.

About Shigeo Kusuoka

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Details Book

Author : Shigeo Kusuoka
Publisher : Springer Verlag, Japan
Data Published : 14 March 2013
ISBN : 4431659331
EAN : 9784431659334
Format Book : PDF, Epub, DOCx, TXT
Number of Pages : 169 pages
Age + : 15 years
Language : English
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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