Essays On The Economics Of Asymmetric Information
DOWNLOAD
Download Essays On The Economics Of Asymmetric Information PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Essays On The Economics Of Asymmetric Information book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Essays On The Economics Of Asymmetric Information
DOWNLOAD
Author : Russell Wade Cooper
language : en
Publisher:
Release Date : 1982
Essays On The Economics Of Asymmetric Information written by Russell Wade Cooper and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with categories.
Essays In The Economics Of Asymmetric Information
DOWNLOAD
Author : Fredrik Andersson
language : en
Publisher:
Release Date : 1995
Essays In The Economics Of Asymmetric Information written by Fredrik Andersson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Information theory in economics categories.
Essays On The Economics Of Asymmetric Information
DOWNLOAD
Author : Ezra Henry Friedman
language : en
Publisher:
Release Date : 1998
Essays On The Economics Of Asymmetric Information written by Ezra Henry Friedman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
Essays On Asymmetric Information Economics
DOWNLOAD
Author : Wioletta Dziuda
language : en
Publisher:
Release Date : 2008
Essays On Asymmetric Information Economics written by Wioletta Dziuda and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Essays On The Effects Of Asymmetric Information
DOWNLOAD
Author : Mario Ramirez Basora
language : en
Publisher:
Release Date : 2012
Essays On The Effects Of Asymmetric Information written by Mario Ramirez Basora and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
It can be easily argued that most, if not all, real economic settings are asymmetric in nature. Particularly, it is often the case that one or several agents possess more or better information than the rest when agreeing upon an economic transaction. Although the information economics revolution of the 1970s laid out the majority of the theoretical foundations, the effects of asymmetric information are subtle and have not been studied in some very interesting contexts, which motivate this thesis. In the first essay, which is based on joint work with Antonio Bento and Benjamin Ho, we study the problem of an uninformed regulator who wishes to use a voluntary price instrument under varying degrees of uncertainty, specifically in the context of a carbon offset market. In this scenario, a regulator offers private land owners a contract that compensates them for producing carbon offsets while minimizing adverse selection and welfare losses. The model shows that monitoring should decrease as the uncertainty of offset quality decreases, but should increase as uncertainty over agricultural productivity increases. Also, in response to those who argue that the problem of additionality is so large that carbon offsets should not be allowed in carbon regulation, the model quantifies the amount of additionality and finds that even in the case of a regulator with no information, welfare is improved by allowing offset contracts. Finally, the model offers guidance for calculating the optimal offset price as a function of the regulator's information. The second essay consists of a cardinal tournament used by a representative firm to choose its next CEO. Candidates are managers of different types: they are heterogeneous over levels of ability and risk aversion. The managers have private information about their ability. In this context, a two-dimensional solution set of levels of ability and risk aversion corresponding to each possible mean of cash flow realization is identified. Using two different specifications (CARA preferences with normally distributed cash flows, and CRRA preferences with log-normally distributed cash flows), the trade-off between managerial ability and risk aversion is found to be characterized by a concave function. Furthermore, for better levels of technology, the relative importance of risk aversion with respect to ability increases, while for worse levels of technology, the reverse holds. Finally, in the third essay, using a model based on the optimal consumption and investment models from the operations research literature, I study how the CEO characteristics studied in Chapter 2 impact dividend policy and the longrun evolution of the firm. Specifically, when assuming CRRA preferences and a concave trade-off between ability and risk aversion, I find that the optimal dividend policy of the CEO is non-monotonic with respect to risk aversion. In other words, CEOs with a combination of both high (or low) ability and risk aversion, will pay out lower dividend yields than CEOs with a more balanced combination of ability and risk aversion. Furthermore, firm survival is a function of the dividend yield and is also non-monotonic: while the probability of firm survival converges to either zero or one as risk aversion (and, by extension, ability) converges to either zero or infinity, there exists a range for which lower investment counteracts a potentially higher dividend yield, and the resulting change in the probability of survival is ambiguous.
Essays On The International Economics With Asymmetric Information
DOWNLOAD
Author : Hisashi Sawaki
language : en
Publisher:
Release Date : 2002
Essays On The International Economics With Asymmetric Information written by Hisashi Sawaki and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
Essays On Asymmetric Information And Markets
DOWNLOAD
Author : Paula Cristina Ramada
language : en
Publisher:
Release Date : 1997
Essays On Asymmetric Information And Markets written by Paula Cristina Ramada and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with categories.
Essays On The Economics Of Information
DOWNLOAD
Author : Matthew Robertson
language : en
Publisher:
Release Date : 2018
Essays On The Economics Of Information written by Matthew Robertson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
In three distinct, yet interrelated, essays I examine the effects of asymmetric information and imperfect information on economic decision makers' incentives and behaviour. To do so I employ, and modify, the methodology of Bayesian games.In chapter one, I analyse an unconventional contest inspired by the real world.In this contest, players are ranked by a scoring rule based on both their realised performance and how close this performance is to a target set before the contest,which is private information. I elucidate and analyse the incentive properties of these rules then characterise the equilibrium behaviour of the players.In chapter two, I integrate aspects from adverse selection and moral hazard models to provide a unied theory of securitisation under asymmetric information.I show that introducing skin in the game increases signalling costs for originators who performed sufficient due-diligence yet still improves incentives by making high effort relatively more likely. I relax the conventional assumption of risk neutrality and show that risk-sharing concerns are sufficient for the aforementioned qualitative properties of equilibrium to hold. Finally, I demonstrate that, depending on the severity of the originator's preference for liquidity or need to share risk, each setting may be more conducive for signalling.In chapter three, I propose a simple and intuitive way to transform canonical signalling games with exogenous types into games in which the informed agent endogenously generates her private information through an unobservable costly effort decision. I provide portable results on the differentiability of action functions and existence of equilibrium. I then apply these results to classic models of security design and the job market to demonstrate the practical usefulness of endogenous effort. In particular, my approach in these applications lends theoretical support to stylised facts that cannot be derived from the standard signalling framework.
Essays In The Economics Of Industrial Organization And Asymmetric Information
DOWNLOAD
Author : Pinaki Sankar Bose
language : en
Publisher:
Release Date : 1990
Essays In The Economics Of Industrial Organization And Asymmetric Information written by Pinaki Sankar Bose and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Industrial organization (Economic theory) categories.
Essays On Economic Theory In Asymmetric Information
DOWNLOAD
Author :
language : fr
Publisher:
Release Date : 2002
Essays On Economic Theory In Asymmetric Information written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.