Markets, Information and Uncertainty: Essays in Economic Theory in Honor of Kenneth J. Arrow

doi:10.1017/CBO9780511896583

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.

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Contents

Frontmatter
pp i-iv
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Contents
pp v-vi
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Preface
pp vii-viii
- By Graciela Chichilnisky, Columbia University
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List of contributors
pp ix-xii
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Section I - Information and markets
pp 1-2
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Introduction
pp 3-18
- By Graciela Chichilnisky, Columbia University
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1 - Information and the organization of industry
pp 19-25
- By Kenneth J. Arrow, Stanford University
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2 - Equilibrium in an economy with information goods
pp 26-42
- By Vladimir I. Danilov, Russian Academy of Sciences, Gleb A. Koshevoy, Russian Academy of Sciences, Alexandr I. Sotskov, Russian Academy of Sciences
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Section II - Uncertainty and finance
pp 43-44
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3 - The formulation of uncertainty: Prices and states
pp 45-66
- By Jacques H. Drèze, Université Catolique de Louvain
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4 - A remark on incomplete market equilibrium
pp 67-71
- By Frank Hahn, University of Siena
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5 - Existence and optimality of a general equilibrium with endogenous uncertainty
pp 72-96
- By Graciela Chichilnisky, Columbia University
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6 - Market equilibrium with endogenous price uncertainty and options
pp 97-119
- By Peter H. Huang, University of Pennsylvania, Ho-Mou Wu, National Taiwan University
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7 - Catastrophe futures: Financial markets for unknown risks
pp 120-140
- By Graciela Chichilnisky, Columbia University, Geoffrey Heal, Columbia University
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Section III - Market externalities and justice
pp 141-142
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8 - Moral hazard and independent income in a modern intertemporal-equilibrium model of involuntary unemployment and mandatory retirement
pp 143-164
- By Edmund S. Phelps, Columbia University
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9 - On the optimal schedule for introducing a new technology, when there is learning by doing
pp 165-190
- By P. B. Linhart, AT&T Lab-Research, Roy Radner, New York University
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10 - Price and market share dynamics in network industries
pp 191-215
- By Geoffrey Heal, Columbia University
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11 - Exchange in a network of trading posts
pp 216-234
- By Ross M. Starr, University of California at San Diego, Maxwell B. Stinchcombe, University of Texas, Austin
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12 - Equilibrium market formation causes missing markets
pp 235-252
- By Walter P. Heller, University of California at San Diego
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13 - Toward a general theory of social overhead capital
pp 253-304
- By Hirofumi Uzawa, RICF, The Japan Development Bank
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14 - On population externalities and the social rate of discount
pp 305-321
- By David A. Starrett, Stanford University
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15 - Trade and Welfare
pp 322-327
- By Tito Cordella, Université Catolique de Louvain, Enrico Minelli, Université Catolique de Louvain, Heracles Polemarchakis, Université Catolique de Louvain
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16 - History as a widespread externality in some Arrow–Debreu market games
pp 328-361
- By Peter J. Hammond, Stanford University
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17 - Redistribution by a representative democracy and distributive justice under uncertainty
pp 362-376
- By Peter Coughlin, University of Maryland
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Author index
pp 377-379
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Subject index
pp 380-386
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Markets, Information and Uncertainty

Essays in Economic Theory in Honor of Kenneth J. Arrow

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