The Analytics of Uncertainty and Information by Jack Hirshleifer
(Cambridge Surveys of Economic Literature)

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Synopsis

Recent intellectual advances in the theory of uncertainty and information are presented in this book, which unifies many important but partial results into a satisfying single picture, making it clear how the economics of uncertainty and information generalizes and extends standard economic analysis. Part 1 covers the economics of uncertainty: each person adapts to a given fixed state of knowledge by making an optimal choice among the immediate "terminal" actions available. These choices in turn determine the overall market equilibrium reflecting the social distribution of risk-bearing. In Part 2, covering the economics of information, the state of knowledge is no longer held fixed, and individuals can overcome their ignorance by "informational" actions. The text also addresses many specific topics such as insurance, the Capital Asset Pricing Model, auctions, deterrence of entry, and research and invention.
 

About Jack Hirshleifer

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Jack Hirshleifer was a Fellow of the American Academy of Arts and Sciences and a Fellow of the Econometric Society. He served as Vice-President of the American Economic Association and as President of the Western Economic Association, and as a member of the Editorial Boards of the American Economic Review, the Journal of Economic Behavior and Organization, and of the new Journal of Bioeconomics. In 2000 he was elected a Distinguished Fellow of the American Economic Association. John G. Riley is Distinguished Professor of Economics at the University of California, Los Angeles. A Fellow of the Econometric Society, his research has appeared in eminent journals such as the American Economic Review, Econometrica, Journal of Political Economy, Quarterly Journal of Economics, Review of Economic Studies, Journal of Economic Theory, and the RAND Journal of Economics. Professor Riley co-authored with the late Jack Hirshleifer The Analytics of Uncertainty and Information (Cambridge University Press, 1992), a new edition of which is forthcoming with Sushil Bikhchandani of UCLA.
 
Published September 25, 1992 by Cambridge University Press. 477 pages
Genres: Business & Economics. Non-fiction
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