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The Economics of Imperfect Information - Louis Phlips

The Economics of Imperfect Information

Hardcover Published: 24th February 1989
ISBN: 9780521309202
Number Of Pages: 296

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This book provides a systematic presentation of new microeconomic theories of imperfect information. Each chapter explores a particular type of informational asymmetry and reviews major papers. Wherever possible the theories are compared with experimental evidence. An extensive bibliography is included. Part I, statics, begins with an examination of how imperfect price or quantity information on the buyer's side provides new explanations of phenomena such as price dispersion and sales or resale price maintenance. A thorough discussion of private value auctions and common value auctions follows. Subsequent chapters investigate the links between uncertainty about personal characteristics and job signaling, incomplete insurance coverage, and credit rationing by banks. Part II, dynamics, relates the dynamics of collusion, predation, and market efficiency to the transmission, pooling, and aggregation of private information. Game theoretic findings and their implications for antitrust policy are included.

List of figures and tables
Preface
Acknowledgments
Preliminaries
Statics
Asymmetric price information
Asymmetric quality information
Auctions
Signaling equilibria
Dynamics
Oligopoly and collusion
Predatory pricing
Efficient double auctions
References
Index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521309202
ISBN-10: 0521309204
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 296
Published: 24th February 1989
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 2.1
Weight (kg): 0.61