Essays in the Economics of Uncertainty
By (author) Jean-Jacques Laffont
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Essays in the Economics of Uncertainty by Jean-Jacques Laffont
Book DescriptionThese three elegant essays develop principles central to the understanding of the diverse ways in which imperfect information affects the distribution of resources, incentives, and the evaluation of economic policy. The first concerns the special role that information plays in the allocation process when it is possible to improve accuracy through private investment. The common practice of hiring experts whose information is presumably much better than their clients' is analyzed. Issues of cooperative behavior when potential group members possess diverse pieces of information are addressed. Emphasis is placed on the adaptation of the core concept from game theory to the resource allocation model with differential information.The second essay deals with the extent to which agents can influence the random events they face. This is known as moral hazard, and in its presence there is a potential inefficiency in the economic system. Two special models are studied: the role of moral hazard in a monetary economy, and the role of an outside adjudicatory agency that has the power to enforce fines and compensation.The final essay discusses the problem of certainty equivalence in economic policy. Conditions under which a full stochastic optimization can be calculated by solving a related, much simpler certainty equivalence problem are developed. The reduction in the complexity of calculation involved is very great compared with the potential loss of efficiency."
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Book DetailsISBN: 9780674265554
(278mm x 154mm x 18mm)
Imprint: Harvard University Press
Publisher: Harvard University Press
Publish Date: 1-Aug-1980
Country of Publication: United States
Books By Author Jean-Jacques Laffont
Regulation and Development, Paperback (March 2005)
Jean-Jacques Laffont provides the first theoretical analysis of the regulation of public services for developing countries.
Cost Proxy Models and Telecommunications Policy, Hardback (October 2002)
An empirical approach to understanding telecommunications regulation based on the use of a sophisticated engineering cost proxy model.
Theory of Incentives, Paperback (December 2001)
Following a brief historical overview showing how the problem of incentives has come to the fore in the past two centuries, the authors their work to exploring principal-agent models and various extensions thereof in light of three types of information problems: adverse selection, moral hazard, and non-verifiability.
Incentives and Political Economy, Paperback (October 2001)» View all books by Jean-Jacques Laffont
'Incentives and Political Economy' constructs a normative approach to constitutional design using developments in contract theory. It treats political economy as the study of the incentive problems created by the delegation of Politicians are treated successively as informed supervisors or residual decision-makers.
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