A Theory of Incentives in Procurement and Regulation
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Theory of Incentives in Procurement and Regulation by Jean-Jacques Laffont
Book DescriptionMore then just a textbook, A Theory of Incentives in Procurement and Regulation will guide economists' research on regulation for years to come. It makes a difficult and large literature of the new regulatory economics accessible to the average graduate student, while offering insights into the theoretical ideas and stratagems not available elsewhere. Based on their pathbreaking work in the application of principal-agent theory to questions of regulation, Laffont and Tirole develop a synthetic approach, with a particular, though not exclusive, focus on the regulation of natural monopolies such as military contractors, utility companies, and transportation authorities. The book's clear and logical organization begins with an introduction that summarizes regulatory practices, recounts the history of thought that led to the emergence of the new regulatory economics, sets up the basic structure of the model, and previews the economic questions tackled in the next seventeen chapters. The structure of the model developed in the introductory chapter remains the same throughout subsequent chapters, ensuring both stability and consistency. The concluding chapter discusses important areas for future work in regulatory economics. Each chapter opens with a discussion of the economic issues, an informal description of the applicable model, and an overview of the results and intuition. It then develops the formal analysis, including sufficient explanations for those with little training in information economics or game theory. Bibliographic notes provide a historical perspective of developments in the area and a description of complementary research. Detailed proofs are given of all major conclusions, making the book valuable as a source of modern research techniques. There is a large set of review problems at the end of the book.
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Book DetailsISBN: 9780262121743
(252mm x 188mm x 45mm)
Imprint: MIT Press
Publisher: MIT Press Ltd
Publish Date: 19-Apr-1993
Country of Publication: United States
Books By Author Jean-Jacques Laffont
Regulation and Development, Hardback (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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Author Biography - Jean-Jacques Laffont
Jean-Jacques Laffont was Professor of Economics at theUniversite des Sciences Sociales de Toulouse and the InstitutUniversitaire de France and Director of the Institut d'EconomieIndustrielle. Jean Tirole, the 2014 Nobel Laureate in Economics, is Scientific Director of IDEI (Institut d'Economie Industrielle), Chairman of the Board of TSE (Toulouse School of Economics), and Annual Visiting Professor of Economics at MIT.
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