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Strategic Interaction and Markets

Jean J. Gabszewicz

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198233411
eISBN:
9780191596292
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198233418.001.0001
Subject:
Economics and Finance, Microeconomics

Perfect competition provides a model of a frictionless economy in which economic agents behave independently of each other, abandoning to the market the task of coordinating their individual ... More


A Formal Approach: Capital Market Failures

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0011
Subject:
Economics and Finance, Development, Growth, and Environmental

Underlying the failure of CML was an overly simple model that assumed efficient and complete markets. There are, however, problems with externalities and weak or absent insurance markets, especially ... More


From Perfect to Imperfect Competition

Jean J. Gabszewicz

in Strategic Interaction and Markets

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198233411
eISBN:
9780191596292
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198233418.003.0002
Subject:
Economics and Finance, Microeconomics

Examines in turn the four assumptions defining a perfectly competitive market: a large number of buyers and sellers, no entry barrier, product homogeneity, and perfect information. Then, we state the ... More


Imperfect Information

Jean J. Gabszewicz

in Strategic Interaction and Markets

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198233411
eISBN:
9780191596292
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198233418.003.0005
Subject:
Economics and Finance, Microeconomics

Concentrates on the consequences on the market solution of abandoning the perfect information assumption. Though this constitutes a broad topic not yet completely elucidated by theory, we limit ... More


The Market and Information

Nicholas Barr

in The Welfare State as Piggy Bank: Information, Risk, Uncertainty, and the Role of the State

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199246595
eISBN:
9780191595936
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199246599.003.0002
Subject:
Economics and Finance, Public and Welfare

This chapter sets out the economic theory of the role of the state that underpins the rest of the book. It starts with a simple model – the Fisher model – of rational consumer choice over the life ... More


Alternative Approaches to the Theory of Institutions in Economic Development

Pranab Bardhan

in The Economic Theory of Agrarian Institutions

Published in print:
1991
Published Online:
November 2003
ISBN:
9780198287629
eISBN:
9780191595912
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198287623.003.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

Contrasts three approaches to understanding economic institutions—of Marxist, transaction cost, and imperfect‐information schools—and discusses their strengths and weaknesses.


The Welfare State as Piggy Bank: Information, Risk, Uncertainty, and the Role of the State

Nicholas Barr

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199246595
eISBN:
9780191595936
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199246599.001.0001
Subject:
Economics and Finance, Public and Welfare

This book applies economic theory to the welfare state. Its core message is that the welfare state exists not only to relieve poverty and redistribute income and wealth (the ‘Robin Hood’ function) ... More


Systemic Risk and Financial Market Structure

E. Philip Davis

in Debt, Financial Fragility, and Systemic Risk

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198233312
eISBN:
9780191596124
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198233310.003.0008
Subject:
Economics and Finance, Financial Economics

Chapters 5 and 6 identified a number of features common to most periods of financial instability in recent decades; these observations were felt to validate to some extent the various theories of ... More


Information Problems

Nicholas Barr

in The Welfare State as Piggy Bank: Information, Risk, Uncertainty, and the Role of the State

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199246595
eISBN:
9780191595936
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199246599.003.0011
Subject:
Economics and Finance, Public and Welfare

Information problems constrain the usefulness of consumer choice about school education, suggesting that the state will continue to provide the bulk of finance for school education and, separately, ... More


The Basic Economics of Pensions

Nicholas Barr and Peter Diamond

in Reforming Pensions: Principles and Policy Choices

Published in print:
2008
Published Online:
September 2009
ISBN:
9780195311303
eISBN:
9780199893461
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195311303.003.0004
Subject:
Economics and Finance, Financial Economics

The setting for the analysis of pensions includes the central role of output, and the facts that imperfect consumer information and decision making are widespread, pension systems face large risks, ... More


The Two Trends of Transparency: Perfect Information and Interdependent Decision Making

Mia de Kuijper

in Profit Power Economics: A New Competitive Strategy for Creating Sustainable Wealth

Published in print:
2009
Published Online:
February 2010
ISBN:
9780195171631
eISBN:
9780199871353
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195171631.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

Chapter 3 introduces transparency and discusses the two inevitable trends that are unleashed by the falling cost of information, namely the emergence of perfect information and interdependent ... More


Introduction

Nicholas Barr

in The Welfare State as Piggy Bank: Information, Risk, Uncertainty, and the Role of the State

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199246595
eISBN:
9780191595936
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199246599.003.0001
Subject:
Economics and Finance, Public and Welfare

The chapter introduces the core arguments of the book: that the welfare state exists not only to relieve poverty (the ‘Robin Hood’ function) but also to provide insurance and consumption smoothing ... More


The Economics of Pensions

Nicholas Barr

in The Welfare State as Piggy Bank: Information, Risk, Uncertainty, and the Role of the State

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199246595
eISBN:
9780191595936
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199246599.003.0006
Subject:
Economics and Finance, Public and Welfare

In the world of certainty described in Ch. 2, people provide for their old age through saving, and those voluntary choices are efficient. Once the analysis is extended to allow for risk, uncertainty, ... More


Preliminaries

Flavio M. Menezes and Paulo K. Monteiro

in An Introduction to Auction Theory

Published in print:
2004
Published Online:
April 2005
ISBN:
9780199275984
eISBN:
9780191602214
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019927598X.003.0002
Subject:
Economics and Finance, Microeconomics

This chapter presents the concept of a Bayesian Nash equilibrium as defined by Harsanyi (1967). His approach was to transform a game of incomplete information into one of imperfect information; any ... More


The Welfare State in Post‐Communist Countries

Nicholas Barr

in The Welfare State as Piggy Bank: Information, Risk, Uncertainty, and the Role of the State

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199246595
eISBN:
9780191595936
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199246599.003.0015
Subject:
Economics and Finance, Public and Welfare

Post‐communist transition has two central elements: a move from central planning to market forces and a move from totalitarian to more democratic government. Because of the resulting economic, ... More


Toward a Political Theory of the Emergence of Environmental Incentive Regulation

Jean‐Jacques Laffont

in Incentives and Political Economy

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199248681
eISBN:
9780191596575
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199248680.003.0007
Subject:
Economics and Finance, Microeconomics

This chapter discusses the choice of economic instruments for environmental policy in the political economy framework of imperfect information and the need to provide incentives for political ... More


Core Issues in the Economics of Education

Nicholas Barr

in The Welfare State as Piggy Bank: Information, Risk, Uncertainty, and the Role of the State

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199246595
eISBN:
9780191595936
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199246599.003.0010
Subject:
Economics and Finance, Public and Welfare

In the world of certainty described in Ch. 2, people finance their education by borrowing in perfect capital markets against their future income, and such voluntary choices are efficient. Once risk, ... More


Designing Student Loans

Nicholas Barr

in The Welfare State as Piggy Bank: Information, Risk, Uncertainty, and the Role of the State

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199246595
eISBN:
9780191595936
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199246599.003.0012
Subject:
Economics and Finance, Public and Welfare

Imperfect information, risk, and uncertainty create capital market imperfections. As a result, conventional loans, i.e. mortgage‐type loans, are both inefficient and inequitable. Income‐contingent ... More


Moral Information

William MacAskill, Krister Bykvist, and Toby Ord

in Moral Uncertainty

Published in print:
2020
Published Online:
October 2020
ISBN:
9780198722274
eISBN:
9780191789106
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198722274.003.0010
Subject:
Philosophy, Moral Philosophy

In this chapter, we show how the theory we’ve given can shed light on the question of how to value gaining new moral information. We explain how we should assess the expected utility of new empirical ... More


Political Economy and the Marginal Cost Pricing Controversy

Jean‐Jacques Laffont

in Incentives and Political Economy

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199248681
eISBN:
9780191596575
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199248680.003.0006
Subject:
Economics and Finance, Microeconomics

This chapter traces the intellectual history of the marginal cost‐pricing rule from Adam Smith to Hotelling. A democratic game is modelled under imperfect information and incentive constraints and it ... More


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