Markets, Information and Uncertainty is a collection of essays by leading theorists offering powerful insights on the role of uncertainty and information in today's market. This book features Kenneth Arrow on information and the organization of industry, Roy Radner on technologies, Graciela Chichilnisky and Frank Hahn on human-induced uncertainty, Geoffrey Heal and Walter Heller on the creation of markets and Edmund Phelps on unemployment. It is an authoritative collection offering imaginative and fresh approaches to economic theory.
• Internationally renowned contributors are Nobel Laureate, K. Arrow, R. Radner, G. Chichilnisky, F. Hahn, G. Heal, W. Heller, J. Dreze, E. Phelps • Essays in theory explore applied topics in industry, finance, labour, trade, environment and network issues
1. Introduction Graciela Chichilnisky; 2. Information and the organization of industry Kenneth J. Arrow; 3. Existence and optimality of a general equilibrium with endogenous uncertainty Graciela Chichilnisky; 4. Catastrophe futures: financial markets and changing climate risks Graciela Chichilnisky and Geoffrey Heal; 5. Trade and welfare Tito Cordella, Enrico Minelli, and Heracles Polemarchakis; 6. Redistribution a representative democracy and distributive justice Peter Coughlin; 7. The formulation of uncertainty: prices and states Jacques H. Drèze; 8. A remark on incomplete market equilibrium Frank Hahn; 9. History as a widespread externality in some Arrow-Debreu market games Peter J. Hammond; 10. Price and market share dynamics in network industry Geoffrey Heal; 11. Equilibrium market formation causes missing markets Walter P. Heller; 12. Market equilibrium with endogenous price uncertainty and options Peter H. Huang and Ho-Mou Wu; 13. Equilibrium in an economy with information goods Vladimir I. Danilov, Gleb A. Koshevoy and Alexandr I. Sotskov; 14. On the optimal schedule for introducing a new technology, when there is learning-by-doing P. B. Linhart and R. Radner; 15. Moral hazard and independent income in a modern intertemporal-equilibrium model of involuntary unemployment and mandatory retirement Edmund S. Phelps; 16. Exchange in a network of trading posts Ross M. Starr and Maxwell B. Stinchcombe; 17. On population externalities and the social rate of discount David A. Starrett; 18. Towards a general theory of social overhead capital Hirofumi Uzawa.