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Macmillan Higher Education

The Economics of Asymmetric Information

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Palgrave

Pages: 208
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Paperback - 9780333647509

07 April 1997

$79.99

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This book presents recent developments in the economics of asymmetric information. The problems of selection and moral hazard, with hidden actions or hidden information, are introduced by examining how they affect the market...

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This book presents recent developments in the economics of asymmetric information. The problems of selection and moral hazard, with hidden actions or hidden information, are introduced by examining how they affect the market for investment finance. The ideas are then used to analyse the market for insurance, signalling and screening models of education, efficiency wages, industrial regulation, public procurement and auctions. Coverage is thorough while avoiding excessive mathematical detail. Diagrams and verbal reasoning make the ideas accessible to intermediate level undergraduate students and beyond.

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Preface
Introduction
PART 1: INVESTMENT FINANCE AND ASYMMETRIC INFORMATION
Asymmetric Information in the Market for Investment
Finance Investment
Finance and the Selection Problem
Investment Finance and the Hidden Action
Problem Investment Finance and the Costly State Verification Problem
PART 2: ASYMMETRIC INFORMATION PROBLEMS IN THE INSURANCE MARKET
Insurance and Risk Aversion
Insurance and the Hidden Action Problem
Insurance and the Selection Problem
PART 3: THE LABOUR MARKET: EDUCATION, SIGNALLING, SCREENING AND EFFICIENCY WAGES
The Selection Problem and Education
The Hidden Action Problem and Efficiency Wages
PART 4: REGULATION, PUBLIC PROCUREMENT AND AUCTIONS
Regulation and Procurement Auctions.

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