Advances in Mathematical Economics - Advances in Mathematical Economics 5 (Hardback)
  • Advances in Mathematical Economics - Advances in Mathematical Economics 5 (Hardback)
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Advances in Mathematical Economics - Advances in Mathematical Economics 5 (Hardback)

(author), (author)
£129.99
Hardback 164 Pages / Published: 01/01/2000
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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 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.

Publisher: Springer Verlag, Japan
ISBN: 9784431702788
Number of pages: 164
Weight: 940 g
Dimensions: 234 x 156 x 11 mm
Edition: 2003 ed.

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