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The Analytics of Uncertainty and Information

The Analytics of Uncertainty and Information


Part of Cambridge Surveys of Economic Literature

  • Date Published: September 1992
  • availability: Replaced by 9780521541961
  • format: Paperback
  • isbn: 9780521283694


Replaced by 9780521541961
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About the Authors
  • 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.

    • First book to present recent developments in economics of information and uncertainty in a unified form accessible to graduate students as a text
    • Authors are well-respected figures, with numerous publications in the field; Hirshleifer in particular is an authority
    • Contains exercises at the end of each chapter as further aids to the student
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    "A presentation of intellectual advances in the field written in readable form." Business Horizons

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    Product details

    • Date Published: September 1992
    • format: Paperback
    • isbn: 9780521283694
    • length: 480 pages
    • dimensions: 229 x 154 x 30 mm
    • weight: 0.75kg
    • contains: 77 b/w illus.
    • availability: Replaced by 9780521541961
  • Table of Contents

    1. Elements of decision under uncertainty
    2. Risk-bearing: the optimum of the individual
    3. Comparative statics of the risk-bearing optimum
    4. Market equilibrium under uncertainty
    5. Information and informational decisions
    6. The economics of emergent public information
    7. The production of information and its dissemination
    8. Informational asymmetry and contract design
    9. Strategic uncertainty and equilibrium concepts
    10. The economics of contests
    11. Competition and hidden knowledge
    12. Long-run relationships and the credibility of threats and promises.

  • Authors

    Jack Hirshleifer, University of California, Los Angeles

    John G. Riley, University of California, Los Angeles

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