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Information, Incentives and the Economics of Control - G. C. Archibald

Information, Incentives and the Economics of Control

Hardcover

Published: 25th September 1992
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This book examines alternative methods for achieving optimality without all the apparatus of economic planning (such as information retrieval, computation of solutions, and separate implementation systems), or a vain reliance on sufficiently 'perfect' competition. All rely entirely on the self-interest of economic agents and voluntary contract. The author considers methods involving feedback iterative controls which require the prior selection of a 'criterion function', but no prior calculation of optimal quantities. The target is adjusted as the results for each step become data for the criterion function. Implementation is built in by the incentive structure, and all controls rely on consistency with the self-interest of individuals. The applicability of all the methods is shown to be independent of the form of ownership of enterprises: examples are given for industries which are wholly privately owned, wholly nationalised, mixed, and labour-managed.

"Archibald's book is timely: its contents throw light on several important current debates which are being argued within frameworks less appropriate than the one he sets out...this is a short, insightful, and timely book in a distinguished interventionist intellectual tradition in the area of public policy and public institutions." Geoffrey Heal, Journal of Economic Literature

Preface
Introductory
Two preliminary matters
Extended preferences
Iterative Controls
Feedback control processes
First example: an externality problem
Second application of the control process: Lerner's problem
Third example of the control process: implementation of a second-best solution
Two examples of the control process in a mixed economy
Non-convexities
Non-convexities in the technology
Non-convexity and optimal product choice
Cooperatives
Pareto-improvements and cooperatives
Achieving pareto-efficiency in the LMF
Risk-sharing in Illyria (the ELMF)
Appendices
Notes, Bibliography
Index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521330459
ISBN-10: 0521330459
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 192
Published: 25th September 1992
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 1.4
Weight (kg): 0.39