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Information, Equilibrium, and Efficiency Concepts

Markus K. Brunnermeier

in Asset Pricing under Asymmetric Information: Bubbles, Crashes, Technical Analysis, and Herding

Published in print:
2001
Published Online:
November 2003
ISBN:
9780198296980
eISBN:
9780191596025
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198296983.003.0001
Subject:
Economics and Finance, Financial Economics

Ch. 1 shows the reader how to model asymmetric information and knowledge in theoretical economics. It also introduces the concept of higher‐order knowledge. For the analysis of bubbles it is ... More


Expectational Coordination Failures and Market Volatility

Roger Guesnerie

in Rethinking Expectations: The Way Forward for Macroeconomics

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691155234
eISBN:
9781400846450
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691155234.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines one line of criticism of the Rational Expectations Hypothesis (REH): expectational coordination failures. It begins by addressing the question of what went wrong with standard ... More


Revisiting the Efficiency of the Private Sector

Derek A. Epp

in The Structure of Policy Change

Published in print:
2018
Published Online:
May 2019
ISBN:
9780226529691
eISBN:
9780226529868
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226529868.003.0008
Subject:
Political Science, Public Policy

This chapter evaluates a long-standing political assumption that the private sector operates more efficiently than the public sector. The chapter argues that the merits of this assumption are highly ... More


Mechanism Design without Games

Samiran Banerjee (ed.)

in The Collected Papers of Leonid Hurwicz: Volume 1

Published in print:
2022
Published Online:
May 2022
ISBN:
9780199313280
eISBN:
9780197658178
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199313280.003.0011
Subject:
Economics and Finance, Economic History

This chapter describes mechanism design without games. The concept of an economics mechanism has many origins. Consequently, there are also different approaches to the study of economic mechanisms. ... More


Issuer Disclosure Regulation

John Armour, Dan Awrey, Paul Davies, Luca Enriques, Jeffrey N. Gordon, Colin Mayer, and Jennifer Payne

in Principles of Financial Regulation

Published in print:
2016
Published Online:
October 2016
ISBN:
9780198786474
eISBN:
9780191828782
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198786474.003.0008
Subject:
Law, Constitutional and Administrative Law, Company and Commercial Law

This chapter considers the rationale for, and scope and content of, mandatory disclosure obligations placed on firms issuing securities in capital markets. The explicit regulatory objective of issuer ... More


Corporate Law and Securities Markets

Luca Enriques, Gerard Hertig, Reinier Kraakman, and Edward Rock

in The Anatomy of Corporate Law: A Comparative and Functional Approach

Published in print:
2017
Published Online:
March 2017
ISBN:
9780198739630
eISBN:
9780191837982
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198739630.003.0009
Subject:
Law, Company and Commercial Law

This chapter focuses on the regulation of corporations as “issuers,” that is, as tools to raise finance from the public. All representative “core jurisdictions” have specific rules applying to the ... More


The History of Markets and the Theory of Market Design

Philip Mirowski and Edward Nik-Khah

in The Knowledge We Have Lost in Information: The History of Information in Modern Economics

Published in print:
2017
Published Online:
June 2017
ISBN:
9780190270056
eISBN:
9780190270087
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190270056.003.0010
Subject:
Economics and Finance, History of Economic Thought

Curiously, early neoclassical economics was a theory of agents, not markets as such. But changes in markets in the late twentieth century began to highlight this lacuna. How information was ... More


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