The Economics Of Uncertainty And Information/

por LAFFONT, Jean-Jacques
[ Livros ]
Autores adicionais: BONIN, John P. ; Tradutor | BONIN, Hélène ; Tradutora
Publicado por : The MIT Press, (Estados Unidos:) Detalhes físicos: 289 p. ISBN:262121360. Ano: 1989 Tipo de Material: Livros
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Contents
Preface
Mathematical Notation and Definitions
Introduction

1 Individual Behavior under Uncertainty
1.1 The Expected Utility Hypothesis
1.2 The Theory of von Neumann and Morgenstern
1.3 Nonprobabilistic Consequences
Suggested Readings
References
2 Measuring Risk Aversion and Risk
2.1 Measures of Risk Aversion
2.2 Measures of Risk
2.3* The Maximin Criterion
2.4* Proof of Pratt's Theorem
2.5* Stochastic Dominance
2.6* Generalization of the Expected Utility Hypothesis
2.7* Risk Aversion with Many Goods
Suggested Readings
References
3 Certainty Equivalence
3.1 Certainty Equivalence
3.2 First-Order Certainty Equivalence
3.3 A More General Notion of First-Order Equivalence
3•4* The Irreversibility Effect
35* The Arrow-Lind Theorem
Suggested Readings
References
4 Information Structures
4.1 Prior Information
4.2 Information Structure without Noise
4.3 Information Structure with Noise
4.4 The Demand for Information
45* Proof of Blackwell's Theorem
Suggested Readings
References
5 The Theory of Contingent Markets
5.1 A New Interpretation of the Edgeworth Box
5.2 Generalization
5.3 Different Information Structures
5.4 The Value of Information
Suggested Readings
References
6 Equilibria with Perfect Foresight in Incomplete
Markets
6.1 Back to the Arrow-Debreu Equilibrium
6.2 The Equilibrium with Perfect Foresight
6.3 The Normative Analysis of Equilibria with Perfect
Foresight
6.4 Existence of Equilibrium
6.5 On the Incompleteness of Markets
6.6* Law and Economics
6.7* Sunspot Equilibria
Suggested Readings
References
7 The Stock Market
7.1 Competitive Equilibrium in the Stock Market
7.2 Severa] Special Cases
7.3 The Modigliani-Miller Theorem
7.4 Concluding Remarks
75* The Capital Asset Pricing Model
Suggested Readings
References
8 The Theory of Insurance
8.1 Contingent Markets and Insurance
8.2 Moral Hazard
8.3 Adverse Selection
8.4 Concluding Remarks
Suggested Readings
References
9 The Transmission of Information by Prices
9.1 The Green-Lucas Equilibrium
9.2 The Problem of the Existence of Equilibrium in Systems of
Incomplete Markets
9.3 Welfare Analysis of Green-Lucas Equilibria
Suggested Readings
References
10 Adverse Selection and Exchange
10.1 The Characterization of Incentive Compatible Contracts
10.2 The Selection of a Contract
10.3 Competition among Agents
10.4 Repeated Contracts
10.5 Examples
Suggested Readings
References
11 Moral Hazard and Exchange
11.1 The First-Order Condition Approach
11.2 Validity and Limitations of the First-Order Condition
Approach
11.3 Competition among Agents
11.4 Repeated Principal-Agent Relations
11.5 Concluding Remarks
Suggested Readings
References
Worked Problems
Exercises without Solutions
Index


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