Titlebook: Information Structures in Economics; Studies in the Theor Manfred Nermuth Book 1982 Springer-Verlag Berlin Heidelberg 1982 Economics.Inform

发炎

Asymmetric Duopolyouseholds may be better informed about one firm than about another, and/or their decision rule may exhibit some bias, reflecting, for example, the good reputation of a certain firm. While we do not explain these asymmetries in our model, but take them as exogenous, it is easy to think of plausible r

欢笑

Judging Quality by Pricers are imperfectly informed about the quality of the products offered by different firms. The basic feature is that a prospective buyer who is not able to observe directly the quality of the good he wants to buy may take instead its price as an indicator of its quality. To the extent that he believe

Negotiate

任命

The Value of Information in Sequential Futures Marketsz(e)), and a concave von Neumann-Morgenstern utility function u=u(w) be given. If Q = [q(e,s)] is an information structure with finite signal space S, and x = [x., (x.,(s)).] a strategy (plan of action) for the agent, then his expected utility is ., where w(e,s;x) = v(e) + (p. − p(e))x. + (p.(s) − p

plasma-cells

Intersect

接触

The Basic Modelpreferences of the firm and of the customers are, in principle, contrary to each other. The “better deal” may consist of a lower price, but it may also consist of better quality or better service. In the context of imperfect information the latter interpretation is often more natural because it is t

Granular

The Model and Some Basic Propertiesist only for a sufficiently rich class, cf. Arrow ’53). Such a market system is called . in the Arrow-Debreu sense or Arrow-Debreu complete for short. A state-contingent contract stipulates the delivery of a good at some future date, provided a certain “state of nature” occurs (and no delivery other

CRUMB

adequate-intake

Manfred NermuthObserving that cracking the code of the Israeli decisionmaking process may prove difficult when US interests and projected security behavior do not cleanly line up with Israel’s preferred mode of action, Giles provides invaluable insights and recommendations for the way ahead.