Posts Tagged contracts
The Economics of Contracts: A Primer, 2nd Edition
- ISBN13: 9780262195256
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The theory of contracts grew out of the failure of the general equilibrium model to account for the strategic interactions among agents that arise from informational asymmetries. This popular text, revised and updated throughout for the second edition, serves as a concise and rigorous introduction to the theory of contracts for graduate students and professional economists. The book presents the main models of the theory of contracts, particularly the basic models of adverse selection, signaling, and moral hazard. It emphasizes the methods used to analyze the models, but also includes brief introductions to many of the applications in different fields of economics. The goal is to give readers the tools to understand the basic models and create their own.
For the second edition, major changes have been made to chapter 3, on examples and extensions for the adverse selection model, which now includes more thorough discussions of multiprincipals, collusion, and multidimensional adverse selection, and to chapter 5, on moral hazard, with the limited liability model, career concerns, and common agency added to its topics. Two chapters have been completely rewritten: chapter 7, on the theory of incomplete contracts, and chapter 8, on the empirical literature in the theory of contracts. An appendix presents concepts of noncooperative game theory to supplement chapters 4 and 6. Exercises follow chapters 2 through 5.
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Tags: adverse selection, career concerns, contracts, different fields of economics, Economics, Edition, empirical literature, equilibrium model, incomplete contracts, model career, Primer, professional economists, rigorous introduction, selection modelRelated posts
Communities and Markets in Economic Development
Product Description
This volume presents historical, contemporary, and theoretical perspectives on the role of local communities and social norms in the economic development process. Using historical evidence combined with recent developments in institutional economics involving game theory and contracts, it establishes that communities can enhance the development of a market economy under certain circumstances — and sheds light on what those circumstances are…. More >>
Communities and Markets in Economic Development
Tags: circumstances, Communities, communities and markets in economic development, contracts, Development, Economic, game theory, institutional economics, market economy, Markets, recent developments, social norms, theoretical perspectivesRelated posts