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The Economics of Information: Lying and Cheating in Markets and Organizations

ISBN: 978-0-631-20666-8
276 pages
October 1997, Wiley-Blackwell
The Economics of Information: Lying and Cheating in Markets and Organizations (0631206663) cover image
Knowledge is a vital resource which confers strategic advantages on those that possess it, and provides the possibility of misuse and abuse with increasingly dangerous economic consequences.
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List of Figures.

List of Tables.

Preface.

1. Introduction: Private Information and Hidden Action.

Part I: Adverse Selection: The Market for Lemons. .

2. Quality Uncertainty and the Market for Lemons.

3. Adverse Selection: The Wilson Model.

4. Lemons Problems: Experimental Evidence.

Part II: Signalling.

5. Job Market Signalling.

6. Screening: A Self-Selection Mechanism.

7. Further Literature on Signalling Theory.

8. Signalling/Screening Behaviour: Experimental Evidence.

Part III: Moral Hazard.

9. Moral Hazard: Shareholder/Management Relations.

10. Moral Hazard: A Principal-Agent Model.

11. Further Literature on Moral Hazard and Agency Theory.

12. Moral Hazard: Experimental Evidence.

Part IV: Mechanism Design: Applications to Bargaining and Auctions. .

13. Mechanism Design and the Revelation Principle: A Bargaining Example.

14. Auction Design: Theory.

15. Auction Design: Experimental Evidence.

16. Concluding Comments.

Appendix: Brief Notes on Probability Distributions, Baye's Rule, Expected Utility Theory and Game Theory.

Index.

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Ian Molho is Reader in Applied Microeconomics in the Department of Economics, University of Newcastle. He was previously a research fellow at the University of Kent and his varied research interests include labor markets, game theory, the economics of information and evolutionary economics.
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* Information in economic decision making is one of the fastest growing areas of modern microeconomics.
* This is the first book to unpack the issues for undergraduate and graduate courses.
* Very accessible but rigorous treatment.
* Includes relevant experimental studies of the theory.
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