New PDF release: Organization with Incomplete Information: Essays in Economic

By Mukul Majumdar

ISBN-10: 0511551843

ISBN-13: 9780511551840

ISBN-10: 0521084660

ISBN-13: 9780521084666

ISBN-10: 0521553008

ISBN-13: 9780521553001

This assortment comprises essays that offer definitive and available debts of modern study on probably the most vital issues within the idea of decision-making and organization-design with incomplete details. Aimed essentially at nonspecialists, the various essays point out the restrictions of approved paradigms and recommend instructions of destiny learn. Graduate scholars considering careers in monetary concept will locate the quantity a very stimulating resource of study issues. it might probably additionally function an merchandise at the studying record of classes on complex microeconomic conception, info conception, video game idea and association idea.

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Additional resources for Organization with Incomplete Information: Essays in Economic Analysis: A Tribute to Roy Radner

Example text

The tactic of representing the utility function as a random variable, as opposed to viewing the utility of each commodity bundle as a separate random variable, is taken from Allen (1981a). 2 In general, each trader f s endowment can also be state-dependent (but measurable with respect to /)•However, in this exposition, we will adopt the common simplifying assumption that each trader / has a state-independent endowment ele R{+. Let A denote the unit simplex in R{, and let M = [(p^y1, . . , / ) e A X RnL.

The utility functions are assumed to be smooth, differentiably strictly monotone, and strictly quasiconcave, with the usual boundary conditions. Each agent is supposed to know his own characteristics and each observes the true state when it occurs at time 1. We write a vector y e m€(s+l) in the form y = (y(0),y(l),. . ,y(S)) with each y(s) e 9i€. A spot price system is a vector p e 3U(++1). We first review the standard competitive equilibrium in this model in which all trades and prices are decided at time 0.

For the model described in Section II in the case of real assets with J < S, the set of Radner equilibrium allocations for almost all (w, a) is distinct from the set of Radner equilibrium allocations for (w, a + AaJ for almost all Aa. It is difficult to formulate an analogous statement for the nominal asset case, owing to indeterminacy. Theorem 9 states that a small change in the existing assets will cause the equilibrium to change. Of course, introducing a new asset would cause changes also. In any event, there is consequently a nontrivial connection between the nature of the existing assets and the resulting allocation.

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Organization with Incomplete Information: Essays in Economic Analysis: A Tribute to Roy Radner by Mukul Majumdar

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