By John Eatwell, Murray Milgate, Peter Newman (eds.)
This is an extract from the 4-volume dictionary of economics, a reference publication which goals to outline the topic of economics this present day. 1300 topic entries within the whole paintings hide the extensive issues of financial concept. This quantity concentrates concerning allocation info and markets.
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Extra info for Allocation, Information and Markets
Similar normative models have been used to investigate the nature of optimal policy for many problems such as regulatory policy, anti-trust policy, monetary policy and other problems in which asymmetric information may playa role. The common technique in analysing both normative and positive problems with asymmetric information is to model them as games with incomplete information and to use the Bayesian-Nash solution concept. This captures both the asymmetric information and the problems raised by economic agents sometimes having incentives to misrepresent the information they have.
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