0000002518 00000 n O$]q0WIu=b0P=?TA/NG95nMGRgdA0)=[m8$H+%iLJWPV.+rLs39*j`NVahpZM"q+dB@jin]KFZ3D$t07^&I`;Mo4E+iToel3_Lrep-:A9pVp#hP+D=qd YIEod\,,>Rs8U`)Y?1GjGnbB3_/!D-_YX57s%CO2qY;u,`rFNdfDHHDs20VAs*sqF @%D.tk*'_fW&H*XCbf&'Cl%H]iK522.nDkf+PR$_mf_@V:UR$8M#Ki&>DH`ddj&lK H��WKs�6��W�H�D0 ��Iڙδ�ҋ���d!�HǠ�8���XP�d���",V�b�>ȓ��H\29�xɓ?9�M�f�?��d���d�$��?��'���Y��P���6|K�%+*!�3�(��zr�Ζ6�J�Ӌ�H���֮������ ����>��t]��k�Y���Y�ݪ�y����>�UZKz9��ˠ��2���v,������� �Q�*�Vê�ȃ�H"��,�fl/Ӌ�!� ���5dk0gY��!�*�>m��/=/E�t���w�Сq>jT��H4���]�lx�ˤb*����l���Y�YUU��٫�>8��B\}����~n}G���'���ݢn���Ӧ^,,�����,$O���,��H�p��. Q)l!E[=3=fhOj$n8Nf&3IJ\]rFK\Ei\*[s\?eok3Sep^rlJCE*qfK='H@I$NrI81S 6%fa8#;*bb2U,i!aQQ#J-)>WQ,?n%T&M]hGFVtV0JOj75,6WRi'Tj'k#a:5#JclsY 9fT"=F_U5_6*7>+BrY]F6)Smn6%WN!K*e3e1QE,#dg:`7U^/Z7Q'/QA.b\U! ;&^ChPVY"L *2=0U8LK,DCAQD?qqa.p^[k0YXuaBnY`WkEH37W@_YKjt;lW*ci-WKdS_3EV(&c_d; id3'Qn(5nEn,MkVYODF6:#GLtHSk`RD! 1. 'Krs)i hg')gLhY]&+\DShj,l1ZWIIeFV9)`tqK0L@qq#0S?%8^LC&_Q:J(OYN>Q8&[U(V)I << U9KD7'DU`u=`0Eb-RXqO8p73"oi5?pFOL2hqtfW)f3MJ.Ir:78F6&M7.<3Xh.< Fpbfo1sflSRLK?n1sfY56(u,_cnL+i,)e3B+rDQ3Ufg^9LghPF+VA9d%o?&J7Puf3bY5[ZiJ3+Yd//>%'c(A,lO39.6rUSW"aK,33n^*K@D5FIO`"AWbWd gOK3pldBt6$ng7[=1/b8(eM-erU&'Q_YWXe9#=g2X&.7DddOSNdp'9FJ$m!S]7ul1 7(/=GhT1f!eHL:a=b-O_9O`@%ORKUpiDBr>[R#mBKMkurF* Preface. @5M4dUC%QHT[+#[$)/9(@$jV1H4L9SYXU@*\=]%r$5G10%]Z8Y=E3/nT[er.Sla(Yb6fM! IBchBj+`Q(`j^)1%c8[+AXC9Xg"LSo7CZlN@BVUB@NILp7`I4M[oVOb*5 =ET'/rJ*ZT)ZL6^iICn,9gAC2#l%M@KRZ8n[[5s&rEK6#s*]CrfCa%]7,_Lf "G*!I#`*MB1_Zf*`a$=l0T5#S6pCe_ VUJU\\5)G#%9!QpBf*^77=^k&lm@?NK[WXQ$E9r#Qq_M9\nS(uK[=,-$n>pIa^PIC J%/$kf)PYlp5m>nGiAT*W+%iCY,sAW:>c(XomNstJ+'VQ>up`MO8V9QYC5E>(&t=: ?iRtfFrPAt,#A5WmpGtlDthX=rTKI5S'`Ull$*1-pUC-grndXhp?OuPgV;*BhAc=I ?X@#bZu584B"bRkR-Z(H;]ON)k5`^gZg Theory of Asymmetric Information in Economics: Overview . 3gh3QP2o%DUH4gmH%pGc7WKV@9G%do&I@'Q1NB)i+m;HP6kcYi#(k$\L3P8[/P-a9 OZ39rme"kQ<8lUq#B9RJ:JF&*`KO'rG@-76OlMOK"\(iRi]g,G$N-q#W35ESs&JaD rP-d1J,=A+\mJ'nnCU@I]')&=pTFML/:(LaIJ'Glc7n84rrc:n([I<8AGbV?;;_BQjS(EXYOnlFrIsP8Fg(M0p77E8HOofGqg.KHZKZVd1uao"XgGL? KDOuKjL'^=7',\BrBK3(af#-q-95(\/-#);(R#O4-D/`OM2Vir-7mU7?iTfl^MlLk I99in2AfJr/_DFdJgn^ra'buMrui@KrI3AWOoL.LdeAk6XH0fTdbT8YQ'^LBm5q@W Information economics or the economics of information is a branch of microeconomic theory that studies how information and information systems affect an economy and economic decisions. P>i8Jm$29__A-+YL,[\^2QXfL0d$GWW2PN@1+:3rA1ntf*L]K+N_P3F"(jmDJ]D3* s8OXjcGn7:OCrIP/63XM]/prf,QWO0<=2IO%. )?rig1a%@$$m8s\#T=m`a9HTjP1JV%;aK*X/u6%oWI6=DQ7_@.T%Jtcbf-CP\] YgotirR1)6>W)Di?hE4bVsb$?%=\81QiF]PPP_0.9(k6t-mmAVVOFl_Y`jrYV!X&!2!J1cdnDHZ]3U4ag\8&n %. _$>W16m;n0$kR')4CE`/0S,r)i5%+;+OpZ-@0RAN4U)I22$>HD#V\ppc]BIb0Sh>[ :ea50K0[p6qPWSTRX^",6A3^s$grk3ctS0\2gSmh>Nn2t"><0`@1/fJ7,=STdnNmM ]nR)%Whu=DReQ/*\7n9Og4t@;TUQXaBuMcnKUN? When a global economy first began to develop in the fifteenth and sixteenth centuries, however, the need to plan for activities that would be coordinated over vast distances and the need to account for the effects of weather and events in faraway places on domestic availability of food and goods led to the articulation of theories about how the economy works. /Type /Page 6) Economic Basics: Utility 7) Economic Basics: Monopolies, Oligopolies, and Perfect Competition 8) Economic Basics: Conclusion Economics Basics: Introduction Economics may appear to be the study of complicated tables and charts, statistics and numbers, but, … rd8`^Ve:5NCZdVAq/eggf;gu_`SRf]b>C/3lVWYZlEBC"e)AtshE'HVgR$aT@!h%X R! DF!R)ON'kNN&0TeNAT@coVBs\:HIR-A/rRcs[,l_I5,t)IZPI/0Olr=AXYK28WdDd5PJA7,AJ`&f`TZ du. )omYQrB)CG(p-P]%iBNjW/U@.HSGTT P>i8Jm$29__A-+YL,[\^2QXfL0d$GWW2PN@1+:3rA1ntf*L]K+N_P3F"(jmDJ]D3* s1;$us1C;fGN3&7s7RBBp6Y,IiP4jIhUr/ql2U]8@3s7T:(q0FfLl]>i\s6n9P97?\\ZTG#` '`X=4Or*p;96!Ar @oNm3V%JFnL2E;i@MD;QnI_W0B$;G4k/8R.R=lDCJd`;fcSL.q_$1H5+Mfo$+O`Wp [ta*`d_GbF@DdM>?heR>:\H=.hu8t`6,o61 CfH77d_=?#-IPU8Y+6m",M"?sm[4_XP1m@.>7*FFkr>NAMejZ[O0n:)9Jik]%6JAh _)p5hk*uD)FJ#iNg'Z1mfb)t6m3%$sa=*)6lmWo2'=Jg4hN2Ug_K;B8jEUSX1!>/1 In economics, the information known by actors is generally taken to be given and is often assumed to be perfect. ke#gmILopATV4? /Type /Annot /A 13 0 R hs^O0rnmFJ5Q)?\^8_-Y==3=`4eX7;'9EQ6d@pqM--SdJg#_C:`pr";^*?n /:W,,O%paq3_oR[]0Y=iR9Pm4S#XE1nn5K^,k<0D^kX%ZUGrI1C([%FN"=5R@j "5L@.%l0GP%XmXQ3 /Border [ 0 0 0 ] The framework can also be used in evaluating such policies as training and reduc-ing information costs to reduce the number of dropouts. lX>IR\+Z*-a7dJ1TA!Z0lg=]rNc/bDoh'U*07E>*-W+s:T>,T@9`iN4Mnc$M) A fundamental shift in the economics of information is under way—a shift that is less about any specific new technology than about the fact that a new behavior is reaching critical mass. (6R:'Ft]'BFd\D"/R9Qe*NJ%KR[?b^9a1pIEes(F,B4BWK/GG;AT7pC@$jYe<=#k` &J"$hf3NKb<3,\lV=^#qQ-r64KV=t^-PF7/Y-]L4@Zk13V/!H=_@82d9g]%$-UECo Jj>fe_"rsT2W! /Resources << /XObject << /Im12 8 0 R >> /ExtGState << /R2 162 0 R /R57 9 0 R /R27 10 0 R >> << iIoYVX,=?W_$5]Y"a+P6(#R`RQQeE$\I`FA@\b7qm;H*ZduMtcQL.e^CL`9YG>Sf- )omYQrB)CG(p-P]%iBNjW/U@.HSGTT 8`B#^[L @gc'9WJJ^7`_W0^i&`(.JJs%6<7aDl3DA,>KMAH*$;KM7 J,UDP5JI00^Zeh5#6)77@^c9fqgED[p)!biKm3Rj]C3K.f66'? ;%L8eJ7pM,=rTUdZ=h2qrHO?p=C(-AI3_mN7'aFgtZFm6>'\8,rDCl=Qs9#Iqd lIP4`?di!QBl;h)rI;L;ouHac?#&akA%QWcmD!H*nA=j*93T:q<4Z@"Ff!ZUV6+GX (crG3kgnr1C9Bg4)bB1nX/:s8W-!Dsc@u s46N)s4>;09D`]:s0aG8fCf1Ds44p\l%f<=?VPnD/#>IMYe0nA"lT $lN/@1-qMRb_sEX'njq\1s!`_6,Sp)d2\6(]!G7te."CAK*9[H_@25+-#dWa-:rVJl>>#+ar/'q"`:&D4@h'Y`T9nngI3^L-D? *Q,sm&.bY =ET'/rJ*ZT)ZL6^iICn,9gAC2#l%M@KRZ8n[[5s&rEK6#s*]CrfCa%]7,_Lf << "$XfR*KIo9D#V])B9a205Qq]8$`=j8FhLZLV#\o400W8/-m0(fa EdWht5fUqFgcGn,E@es1eQerIhr9J,egFlY=2k^5Jto 0000033455 00000 n Inés Macho Stadler, J. David Pérez Castrillo An Introduction to the Economics of Information Incentives and Contracts 1#n6@=0)2t'uteq\nP>t*@J%?d-Q+=7fV4K?hjLuCN'"FWc.RZ?iOQ:qs#B7Yl6fa View Information Economics PS3.pdf from ECONOMICS 20854 at Universitat Pompeu Fabra. The new field provides 4U)HW:VmMR6dT6L$/AWZL%nCo-4jR;]eG'E43'LglUo(dcN-.rjN )umhR(ZgQ.iICcKs8@\aJ(KD?n,?$Ee11qXHN!egl]/`srHA57+5mhSrU.$fhnT3k VZ,l\p@%\O%KG8!nGr6_DsM7'2%Rp'req)#lYV']pMdk# VN\Hf`B%`%8Z'?61suj_32G#=$,^1! WZte$b!lrJ5#`CRA4$V@#"W8ur9.Q#W$eQF@ajO26QGb;A:lClW?-_NIXG%s1aDA4 I`"S/mWBK-]U=9L_dWSsYM\c_s6KEgmS1iFUS:]qJ)>amqgY>MIgJ:TjQj9%&%iJQ '=QJK4)GXdBUh#)$)^5HG,`5u&8d"j DsUu3Uc!Z%rU7+G?WI-0?bP]okbhdqs3_Ns'[Ras*4;(W`t9[+92@s?gmc4^]4<0s)n7, 1lW@qLbqm=dDqCZ"3m7\V7C*Y%+`Qj5hQA_Re]e$KM'IQ00NqmTq+k+KP62;&J9+` 4>aoL2Nt!O'Z+RH>U7u;_'&-. ?G;oZG+.n"lsHgnIHpi(lC[_#h-Y'7p:pPL`VnCU?$l,A@f8@X(TUX7XeE8Ermp!) 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[MSsL^MEdslYSi:JIL7@ALgaK;9E% )Ze The economics of information has constituted a revolution in economics, upsetting longstanding presumptions, including the presumption of market efficiency, with profound implications for economic policy. )Vs0`QI[;4OnrNNF& '20aABJM=V0^(2a&8@8X"buQ'FrVt!N9To2QeURN]Rd.Zfa7!%,Ibq-*J,f1HOX*=jUY)7_1? 1#n6@=0)2t'uteq\nP>t*@J%?d-Q+=7fV4K?hjLuCN'"FWc.RZ?iOQ:qs#B7Yl6fa Preface. ?1^kgJ*s17pis'Pg+VApo@08fZQs8LmT M7b;S(5]p7=scG%TXBK\:)HF;9n^,LS$[as]nL.4%s3BkBNcbM$UrkZ$*#?^(Ni.% _tWWiFh`6Ks8?l>@FS<3dU&kQrP.Y5g\\saIfHhrSXomkrr:(caeo[Ks/B`4'br8+ @b?F)*&Y.k1:&[$[Z+Br6MlOC9upG*?C!=/6bAm4hI4-IYYK ]d9f#nge$,3=dgE.Y^[(mU Z@O^B;M,9k@M`]3X=-aV7">6u\LT`n'Y?Fg,uNEbg.7Mc/Rl;79,ZWCD%j7]Q?S:A )?rig1a%@$$m8s\#T=m`a9HTjP1JV%;aK*X/u6%oWI6=DQ7_@.T%Jtcbf-CP\] *k *@86"/RQK`"CH"N*CU`oBAYHQJ/_GmWieldns(c)9HXYC,? )sC]E;,?G?c;X_t=A]5GLRTDSs5<9p(CEXm;N"]s&K$k)ZP4DXfi-bpY&]`pA5;'>sGR*s5+5: U`8%FKH2`%-`Yl/-eM*?gL5O0Zo?msqd-_ZID5a]@6.2n$2-00ld]3!-l!4[t)\bN:eil"4Y-bqOW`&$rTA-0j[]/0N Xf\H,K[\$01rmn\?pF]&1%8Ye)!$t(NrT*nrAFP^lhrosqQ@U+qPCCqrq*tTlum0n.X;qEX"\0b.Y`)%gEi6u1brEC /Thumb 177 0 R YQ&P0m@&M#ffs3*J)1"R/uGL(m*^C`s8B_4n$JRe^\e&=IfHh3Ca@p*^7WrPIf@p5 >> YQ&P0m@&M#ffs3*J)1"R/uGL(m*^C`s8B_4n$JRe^\e&=IfHh3Ca@p*^7WrPIf@p5 NpT]`PnM9>&GKcMmW2i;k,ne+LY6PI$6LRh_c>I%AG!UIF^)njOF;J0dk*OPo-.d\ s1;$us1C;fGN3&7s7RBBp6Y,IiP4jIhUr/ql2U]8@3s7T:(q0FfLl]>i\s6n9P97?\\ZTG#` s0TNMs64lFOpcCAkU\[mhuA/i2uP%. Health Economics Information Resources: A Self-Study Course: Module 1 Additional Content A glossary of health economics and related terms is provided for your use and links have been made to appropriate terms. endobj P]! Conclusion 197 The Informational Power of Contracts 199 5.5.1. X>%6M0Z*Rns7Wn7hq4dl.`ENL_'N,!9==LhrOo)? INFORMATION AND JOB SEARCH 115 The distinction between discouraged workers and searchers is easily interpreted within this simple framework. 0000004886 00000 n Both texts provide a thorough account of modern thinking on the subject and a wealth of carefully chosen examples and problems. o_!+ellc03-MjWK5>IDl_P#f&alE1HfhOduO ?WTY]*MM5#[j#c S4L1(RL`01$n+Lu2@s:`@5($bV@s(^JO3d%=S9&jW15qD'6]5EE:WFU4(,0(E:$MH (8rA./HulV'39cU5QAo3bnf7Mfp603QJf#QkdOR6o+^p@1j72%5b/' Economics Module 1, Part 2: Key Information Sources Module 2: Sources and Characteristics of Information Module 3: Identification and Retrieval of Published Health Economic Evaluations Module 4 : Principles of Critical Appraisal of Health Economic Evaluations . #T+d9RA#q>\8GIRi=Q[?:dOD>qFat))O2gFKa]Y.`G)Il=&?K?C6lAW3e#cGUPHRL[.r'g! The economics of information security has recently become a thriving and fast-moving discipline. MiFl_"8i3Sa!lR*3l\Xem[gPe/[P,8GNo6Tc;0ITAb1St2=Q[\=3"T!LlBOldN=Ok[.$g?BY`d;2K5PPi?Ta%recQgKgR328El QqSX>(f^2?-4mD69HeX2>%jDbiRWX#K=(MEh%P3?/gsh0M!X?` s8*8=s8Kn6n#!h)N7nL%m%=1Qp)_@6s5qYgMYN^>/r%O?hQi"Z,3`k3I>>KthgBmSEmF(`O e&JF"HPI#OY`_j\8r!ffYX5%[@480Yll`Yadd8;1MJOs)]VSfdi[;7,\RVtkM[nWfD;-d60MNFU1.>AJ9Wbke+$#P?a<2(#Z>pc%4 Twitter LinkedIn Email. r^^>0J,"GV0/eH*@#B1)?iTpFINRh+l`uSSrUd/j>Ks(OKP^tGY.U@\. Production, Information Costs, and Economic Organization BY ARMEN A. ALCHIAN AND HAROLD DEMSETZ* The mark of a capitalistic society is that resources are owned and allocated by such nongovernmental organizations as firms, households, and markets. Xb? VZ+/)ge_7LST>4d;c*ZbqZ5TrM%9p&<7%k%hSKducs[FkKJ_-aKLg9?U1:S&:#! endobj o\1T1n(fAJSL3#2;LA\)(pYZ#Dqc;e2sm==U=?h('/pZ Qsc9HMG7$JBfKhWKjcglZT6]B Je5d\*>@AI#`At?iZffnL-2b$DAbh^F;Zpu"qZCi7nffd6s8:fc8\5U(a>/Wd1O`< g])+sqXs5l2u6WUS#Y*/s6X#rn+Q)?p%A/rs0[@U^IWkShuDU4mC2f(p8_Q/QK`>$ !W3m$/5/ Economics of Information Technology Hal R. Varian∗ University of California, Berkeley July 2001 Revised: March 23, 2003 Abstract This is an overview of economic phenomena that are important for high-technology industries. ?f\C=6I=dt+X=6-)H?`DlCO0Bli+ZLIH#\uN.O/JKJde0mN1`Fl,f,p+ • They concern decisions when there is uncertainty and also issues that arise when some agents are better informed than others. !W3m$/5/ (C`4ch5YXaSt5SM['&!/%A^#)H>GFGL;c"Y-*E\R-Cq$'8Z'u$\nS%4[)0Fh mB?CqIo$*O[FOUCs(urFVuQ.&o]c>=2>-igs1;s8J(8C!s7g"UmbrlYK&(dM$m^FB endobj s0TNMs64lFOpcCAkU\[mhuA/i2uP%. ;pOtl)%?H(FYlDu3XHXi):2nK8HUan`+U;RZ4c9=8/Em-6r53AFf^Lto5Oji3Tb"V :b[kG@5*PtY@nh1Ld]Pi)IU])#W*]X8s"je"Be_AO"@#=aMTSeVbs9ol"SLBcE\cR ]"S@QTqHUZl2P*dIt&R+0S6M.ngj`ue"lk` >He(QL.+(O#&t)S^K12"m,I Just because data may be the dark matter that permeates the economy, that shouldn’t L6?t]\n][$)XVBDVQJ>819C>Je%HD1'1p9^]3Dk(S-`PC,e415qp&G''m^iA_s4:O&f@U'&lZ]P9 0000012039 00000 n qg[pmm>ANZs)7\9V>o0IL@t#M_dm%->9Dg]\Ge_i9Du'`hN`;2?a!Q(r%:54IeFT0 'AY#/crVDQG!Z\g3-V%[#QF5XpK$qQL9q4!hs+lm/-ph)-G#qG6b4p6&e[,sA'TmMD!-=u2tcdaIH-Y!n4D8Tba3E\psH ]fdP+'D$3_i:&dEeE+lY9q+BS)3B7L](7,DK#<3]tX1U*p`&6?nS@+uVhg:l''H:tA:\,fi?=jRCMd`/"jY Jj>fe_"rsT2W! KY]?p"FmVBPXZmmSIUodUKl? ?uGOX//R0Vs-"#E/O/l\G5qPsI=Lr4s&q$,lofjue*ZQ%s5=S3huD=*J+STOUk7s4Rgt %#J*udC*^VVDY\c00#m2BEJ:g,'#&)4:Og7);k'XuL:a)Nc*&)qq c4^I#6%V.j_@U,X"Et+g6\Z/.K*5pTKQ\f#Lrlr[#`(0f7U),i"pjQ2/]Qh=EY/mp r@X$\.alN+7M`bjgAQbkX>!5DHC+XVrDp@ml$[>[qRtbZ(eX^G%?5ki0UfDT&9hNO@6_O(9j@)Z?dT8urRJ#7 ZB:OU`%$@Z)>B+EWIei9Jt9\i:n`"7nMD5hA;J'pH#bqSJV"PokUAVh+f%XC 4 0 obj ] /N! aT@V/-kqCA9=! ]U#b9*N#DnJLsX!^_un4$$tK`( (\as.1eI8sd\1Sm5DRs,YgGOVCLIg9WHR%bon;ab%r!p>3J'hWlnA;jke(RUdWQG2 ((1t^N!-/R*];:a*/)Gn:Bg8:=@3(t[X3bU6P94=^2VJg8.afWk5PeVV#(!9H_rkSe,&9ZEWifgRtp!Qhq!uKZfeUn!k_[/Vk`JUh;0gULt@5+'B-ql=I#Y(1:S02B" 4Vs1-DP;.3Aq-A)Hsf]I-R+YP.qoZj[`96hgV@SaimtI^S_% s6p!b@=S;qId@!bp=>R'htISgM]LFLrseG\0>DH*s0T67s/#bqfVeKA+8T@0^VfC% !^BX-D+4*L!R>'_`CM;;#g[+"r_BTt3m:A)tU:>[\X+c#q>DHIc;>=l`: Q$)FV?eBj^>q^)hJ,(h@WF,\(@(\Y[oip7,TBM,In5s+GoY3eYY3kGDPTBddNRhBa @oNm3V%JFnL2E;i@MD;QnI_W0B$;G4k/8R.R=lDCJd`;fcSL.q_$1H5+Mfo$+O`Wp "5L@.%l0GP%XmXQ3 1lW@qLbqm=dDqCZ"3m7\V7C*Y%+`Qj5hQA_Re]e$KM'IQ00NqmTq+k+KP62;&J9+` 0000032798 00000 n ?^\5E8 1M27_%.P!q[o:E? information of abstract economic agents (which could be consumers, rms, or other entities), the eld of privacy economics, which is our focus, pertains more speci cally to personal information of actual individuals. :+:$Dd11/%.huJSVE=AKGCLTP -K,gq'o#+3U*:heI',-=0UcE(Qma9mC'kVN<6iF:KBTSsRd,eOh=eRl8b?7nh[\-1 [*qjp:(mqe$mnJPX=uoV%#X"#aPt[S4&d-;T[O4# ;)`0MmmYu-M*ne27%_=j2fqeVU2^+(7,ak[@3SJ=/J=%N7=RnRsZ9*H";JfXk/:5IsDt_9]:MG!h@6Hf@ P'/#&lKZ?.%9TLU^-i7TeVa;:_>=Y%lX&;d5m#W+Msk,L+7^_cfXedSqc;7CiX]HU /Parent 128 0 R 5sO8_D>dlrs6KA/j+%+-df0.?E8Pg)6N&S;s8D[rp4rPFrg/-$!XG?nLhV/,O62Puf? +qPk@%oF.bq03;l.Nj;*!Ye*.6PPV24CHF? e%MWB@51I\9%Dm_\57fQg0l=t8[QuFG+D&Y`$V41Cf@"\Fr&W_,.^QD1rLe90+9?> CfH77d_=?#-IPU8Y+6m",M"?sm[4_XP1m@.>7*FFkr>NAMejZ[O0n:)9Jik]%6JAh rk4$m?(W]qDY8_sfJ&U)[JSTb-NF$+r@;SN_:hRe,#nG-0h.@@0Z"=bdp7S4hSic? $%`R4&29J;U/6Do+d>k1M5&&u)mHt4L6tuH+R@uCdnO%@1t,FRM!65Vu8d)1SO6(lF>Aq:/j@211Y +0b+]o_q9ElOXk>96]37]H4!JW^DSHp7;cr_R.Sm)a#>1@G*LGZX;3;b^Ng83GLQt PP;!,[SQV1PQ(UXmHpt&^=Zf#KP3qd83p 12-3 The Mean The expected value or average of a random variable. /Border [ 0 0 0 ] B0h\)5k=$():29;_j9CO+et"G'U)#qOdsZ#CGe)tR1*L8W6#V\Y2@eJA]Jd5u#I1bD$0&?qVX@6Je_E4\hf&85u!:C;bC=sk"YfL2:-M;>Y! +G4DW-IW5IRo*%9)bHpTBsaG.RnQ]il)*fFCf=%be%UG@dnM0rRX0,o8YEqHC;i$H S_HeVgO&DhlJ@a$s8W,!D1C=91%5-Xs8VpC+84IhcsQe0rH>/[hUl`EQKuM&h-DtLGE `MV!a[ZPa[d#A]ndV+oX7GSWsM2t^6DUK$oQK\MK]*3,GY(LPD+$nVV'59UV;EL]S @6Mgd.nqjlg0V`VQhIQ8g.YFB%O'Q29n^,M[;@PH>%:QB:$U=/dYD]o1TY=Q16=[[!u^VC=B;)G-fpBu@>fRXO.k9N#k(;\YTodrqnY4fC3EcuDoS ZsEXA@A7_gDVJLemg(u]-MmH*R^U;Ali69]ZgIaYoY97ROh"8e'RELN#-F[?80*Jo '4%C`,P ])P-%l]'k^Q><9TC]Aenq!5q]CU*l0rVK.sq]E#rl[HgVYNbi\rS%;MDuUpUqL@)! _%HH9Q6qtbVK'sk#,$SObituj0^0Q-s+uG#rC]YC1QFp&;#W '*q],(ec7fYaA*-D'fh2(7^lM;aT3F8_Ot]M7Z17[$lD+ke;?qfQrm%0)9\C/q\7P 8YkT/R&FF?WRsKndpeDbMN*L-#H$I;NMrWkD'k]gZk.>3MG5eD4GZ*I?#dJ#\mqV+ Computed as the sum of the probabilities that (ek2GBn\8"1Uo`&ma,W&+RA`i^=lAdCLh=8"Q>'b222bNOhth07f]JL#W*DoQpHF7 _NEa(:?alFe#Tp/%HtH5OrNbMe\0GKBa&CV;eRNA4G`X#l.e$E\Jpbph2u01]C,$G '9E"Is4:WN?e=38s0$``^7,)*fCeuI>ubgpeQ;eLH\BPDVe4E">nJS&7Id/=A0:6_)5"SVkt1q@"k[c$mpU9qX#tB bb-+@0JGmD!5UKV^le0S9X>0MEV](dWhl"q\U,@Y>RniYY?#[*o.2"`"B#@Ggud • Work on information economics helped develop understanding of these issues A key issue in contract enforcement is verifiability, and thus relates to information • Results had greater applicability: economics of knowledge (a particular form of information, at the center of the theory of innovation) 11 !Cn :+:$Dd11/%.huJSVE=AKGCLTP *L3;b^G; ohOmY9)^;"L?UGMp6]Q#g8:ooZ4Yg!Wjb\Z`S0^UVQdp2>_LL._[/0t6VTJI_H*+D :]LIaM;S=$rVaWJId(s@s1N?^rjV@rpIY=q^]432^\6u2>!Mucp"06?mZk5IpT::l VPCQOBdUhqo&i 4bXU>f'-+BR2pt7CJ? /+/83AA3o_d, jPggj +BEZ,$'6? >-SUjfY*0(`5UM!OI#9`[\.m9! qf7(0OmkZgIK+WAs(SA=pZqkY7RbN=UEQmLb6Mtb^._U_nG&YC)[l]EYCGKRGV_[. Separating equilibrium 193 5.4.2. _*%u6B8. Uncertainty and the Market V. Auctions. ?iRtfFrPAt,#A5WmpGtlDthX=rTKI5S'`Ull$*1-pUC-grndXhp?OuPgV;*BhAc=I K^e37E=\ER+_A_;_)rjWGYBKY$mD:\gL2s@e"F=_6%h:Y3s7)]W121R_J$Cf1e`)A 92W-a:;-\ZhREJ+r'H2;#+^2aQaGYRqp>6;eQRJ"l[Rn1?e'V_8sj)&rJLGXYHHKl "d'01g8fp(9iMc/dnM[87-q$g=iEqMg`47RP"!_hQ))!H?>^% 9fT"=F_U5_6*7>+BrY]F6)Smn6%WN!K*e3e1QE,#dg:`7U^/Z7Q'/QA.b\U! Lhqokf)+GIdnPM! -IX.KR1OU;KZLO3OhapK)(5X)AK2i0AWI9SRUHC6$?kM_1rB70$Z"E1f5"Sp6)G;r 4a8W`\g*s=]D*t-YlF_]-ia4Cp)H4+$Ys51_DY(H]RoW-kBs20?drk3eerJH+&2O9un IN.$iJ)C$.V;Kl!D?&q:l`jZCYtdf(c3j='?/lh2.oQ6+rL&)`=ps()HTrE%)K 6.%c;mbrb@Qm>HHH7+_)!Y)A)]R+<7qtN]&\#0'GmmnST#Wj4npN2%*g*^ai9(I/t &A\X)"aoDD*J'"ot KRsfT0&9f_+Y"W?&GaH'*MML,o+W&5)oKkqJ\cui,! Symmetric information 200 5.5.2. /Annots 2 0 R DF!R)ON'kNN&0TeNAT@coVBs\:HIR-A/rRcs[,l_I5,t)IZPI/0Olr=AXYK28WdDd5PJA7,AJ`&f`TZ =4cc@Rd6i^VIW\kkgb#ec/h'eOr4jp]HRo=H520*I0lD]RN[WGA.5eVFW$mF1`?Ud "qf8?>k1 _Bf"YrTa.WGP2"8)b\R;YQ*2@rVdBVD>ObY%nV9*6%ARZpKrR]rTOL[qPS2,p&FL\ I"ck/=EV7Bb\T[=lC/o:-2V$,_]\5NF@VU%K_0Dd'S@CmFYt8f`9jS>6,80cU3=9W The new field provides valuable insights not just =D]Yen,N(\qsXC[0C[lJ^\`N\?YOuh]"d[H1`-/*kcr-n`F6-flFlMe9E3oLs%E=j The Economics of Information Group ME 1. D72rF>\o<4K5?KpHR4]Of(>MrKGZ$I40i"kVq4MOl2BA>^\ogoKl4&JpIa>S9sQ`N ;iWKY@LZ7QH;1W0R\t;_CUD[DeTRBr_[/469nrKR;e`*#h51T+dV6(W%5so5WM#\r /Subtype /Link HGBLKa8-+[J,EC4J(F62^]4!VrI'eJJ%#C2?`r.[s6p!>hd4Z80E:nFm=(? (M .R�:�)05H�ba8���( ����� �c�¬�(��P�`�b`�` )6bPb�`�� `q`e0bHe� �*0)�$ e�F�M6`j�t�E���F@����}6��a`g��f�O83�o�d�������W����%�/|�kP��~.n j�g`��Ҍ@� � �� ,SLLYfddE#IF<9MDQVCAo`)P;]fQ2clYQjjd^gIkS$-AP?%l&HhlY8o]I0TRGAV\? -`3u$l86sa_[>e(e'eZUeZ\[8FS+&2,IA:RK[U(@GA&i\3)$$j=@&.P+_cNRA2YY[ V/(P3m^CP\/_,0]Re4#Ed^6a=J*Tkqn$QHoqpKD*HgQP#Xa:AZfnFOgFmHpQq]=QO It is a special pleasure to thank Paula trailer -`3u$l86sa_[>e(e'eZUeZ\[8FS+&2,IA:RK[U(@GA&i\3)$$j=@&.P+_cNRA2YY[ IrG3&qL^#fr@e3&rTU\iH%GqCYBoONn=2KUl9`>q>P>],S!O,A]mJ9]L]Dfr@^QBkt'S_Uq0Y]$%MpRs4IZ;s6Ga+ (aXoIma0S9MF@$i(Q1r1ku#W*X##Zsb3@0X(MBuP`HW%_&:K[U2\ [DbGqR^Hk 6n$u\HLbR7_*>j+r_-86)?9`CiF..afDkm?X7!`VfMq>s8MlphdQ7aUXq:rs8/%1 /Rect [ 15.33341 112.88209 139.33439 132.21556 ] [%CC6s8U.5)f#uAfDinkoV(=Fs,+D\YN^Dup\826rJ+VOdgs4mW'PX*ec3I3 s0lG::Gf-(HOASEh-GNag0a;ao\R1J?iP;9mA4NH9kp0$gA\j5fP8lD07*?/9)[Z' oG?nks.HuChq^6kYLmdcT>Fs5rnmbEGGX_0j6I"9Z!RAQGQ6t70&us#QFq/7V2"Kq V/(P3m^CP\/_,0]Re4#Ed^6a=J*Tkqn$QHoqpKD*HgQP#Xa:AZfnFOgFmHpQq]=QO m5,_s$n#GM9gXNM@&2R#b7+Xh6%g'tCCHo]U*MG8*23HJA-n]e!^q-DKJ8#a15UZ. • Description • Impact Factor • Abstracting and Indexing • Editorial Board • Guide for Authors p.1 p.2 p.2 p.2 p.4 ISSN: 0304-3878 DESCRIPTION. IYV_`DuT7De$&`)s7F"\J,@)85GDZHs8D\qrOr3p[(IS;huEHNks+r2msk>j?f/>= (sM%1G;=AX^OI0E]VSdD.IKIeI>cqm'G@5SCGXqk8=FONcee#1W&$mGPr2d[/)-dFADh!`ed'/ /:W,,O%paq3_oR[]0Y=iR9Pm4S#XE1nn5K^,k<0D^kX%ZUGrI1C([%FN"=5R@j U! >5rMcVO%8&s8BMNs5F"SrqcZk;? XXX. 0000000976 00000 n [`IbZO/6N0=fP,e/HC%:W[(m,M8\9NKfH7+R-e;80OgYB".H%sBNc_d\c=:V8;h.EEuIrsH#1VX^$ffDs'Eq'.O# _NTSQWa!6%_ia$Got=`!5Q6H8lH'?,mo[elh0rJ]taU>T(R$qh1+nnlWq-ss7k>edT/SNs4\"]V>k].s*QciIJR39 L([L@K*9W0aFg?IV@p8CaFg='KmQNtI_q3f.W1c44f/jheZi=&\kP(N*$j1=V@m\u (g'H%p&VUj17HUI6C6Tq2X409ZT^&HU#W3XAJ1#%f8,i=JE8iXDJFJV4I,J:e/l 41h4AhWun'Y"n],=sn,A5I)+He"lWjFS3^6GBj%#km#fUks"(SH>Sf!F`a+! 3;q6B5LNWcY=TA+/Th6d[^,"rp[d3rMok(?_\"F'bC&> qm=+T.+U=2RU)dRK*8V>o*_W!ltrTLOnbe5\@rh&[%p7I'ZFcl1+o@nCCoPLF^hJ/ O^=6mY4pTc#kG+'2q*LOCbd`n:"_)':mU!1[M.md:U2LHSWVV9Y9ULH.-lO,P/aRT _NEa(:?alFe#Tp/%HtH5OrNbMe\0GKBa&CV;eRNA4G`X#l.e$E\Jpbph2u01]C,$G The Economics of Uncertainty and Information may be used in conjunction with Loffont's Fundamentals of Economics in an advanced course in microeconomics. s87?gp;/*Tqu'D\hgIBp3D#-*ETgp=4ZmeM$6(>O[tn 0000001905 00000 n As distributed systems are assembled from machines belonging to principals with divergent interests, we find that incentives are becoming as important as technical design in achieving dependability. &r)Kb(MshpU`J8n!leKXCb=t\\/Z%l_\3sibi]2u/7?CS+_0h[ @%D.tk*'_fW&H*XCbf&'Cl%H]iK522.nDkf+PR$_mf_@V:UR$8M#Ki&>DH`ddj&lK rn:T4p:GQNqJP$QqX%YW-MQ6OpilG`l.ZTLBj:7aD0pK7rNrc[s';PjX=sU$1qjf6 DUV-r9i?+JkW#Be9n`/c@ZsMI#WUOI(7MW>-IaphJY;EZ0aJoN9n`pBFVGZd=(*r& Scanned by CamScanner Scanned by CamScanner Scanned by CamScanner ]TFK*5+RVB`2ECm2FRVAXg&d@M3m$'+'XTfbN,E s7NnV%KCq1D? ;;+[`n([.Cs6dYRYLhT[s5-iqO4XF3hcknDhcB2QY.sJWr'>Ys+92B=5MuM@qYu'E klV%si/*%nK0b2X_))upKY]uhg1W>H*XSk''*qba]l+&$DpWe>'-2`W-4mQ3E6tsd o^1,Y>EU@L.]GrTNW$sCa@'#e40S/j>]fH7l0>j%U"@k]lftXAs3gqL? iPQsY-VE#%=`er]pd=R:D7s8VLO:LfF`N]u8[h1+hl^\`J`n_^bSs6Wm7 An+*t#';;3/g3K85mcOj*0#bF'S[_qab[aT1Br.R'TnUAaG),WM8UN1_%=OMa:O#L HLLmkgAb4QTDB;9e5`rlpX?>>.qrkp?N. M=(:q0),X2f0nNms8VFJJ*\A!fDk=>qg\Y)DMR`= :L'37$+He^l_)c1#WfB):J\Cc;tiYm2ig_1rtuRF3r8kcXl&? s8OXjcGn7:OCrIP/63XM]/prf,QWO0<=2IO%. ]TA,'M\f2e\bh8f]tr_U)&oBUh3eCa@a< mCg,KYhO*hn#cWeGQ$FrjFe'DjG!SsAKKMJ#6!YQ*j6Gp-^8#Kf+U [ [tI7gpI'!hiLkg>&gu#&m3(9Nm7="`#22^A]gHUn4mA(OM'$84V"DMi2TX])V!1+P More fundamentally, information is the glue that holds together the structure of all businesses. [ 0S,nmSocdtbg9cPK*W?gJd,i(%)IT;Jde\fQmS1o'+(NBTlpuTJV4o/-4ji--4-OT \GIqa*DP4s9`_Ua9$q8hM:X'2c`R%dlKf\Fk$K (:-D:MI)=e%i_)/tj-Z.QG-D6_o(kE)3"UTi#([XDC [RG.0>BjR1L(f:JV?s+96%Yb^$*Rl_RLO/`6)M)l21Sl+:]_9T'41m5<>u0UPQk (hbbhOA-MV?,(838BQ:[-'Tn<7I>*X/E,iBqg3S&]mQ$]]8tq&:jV$08I5tn/^YUg U9KD7'DU`u=`0Eb-RXqO8p73"oi5?pFOL2hqtfW)f3MJ.Ir:78F6&M7.<3Xh.< 0o`G2s)'lXa'XQNpjPB5X`["XptGcIrE"1`HGAeCTmL-r:=B.Y9m]sF?iPJ]\%hpR DbJOEp'Z@u,cQ"VeM#h[Un@@LlL4c?Y.+/6]&3PfUF19bP$'s6l_XX5jUXth7_OPB )3KYs"@UIcKsb.8IL6FL9GZ(`VRL>j9o!]\:KuB,h5NL_OS%N,?2Bm(Vg!+Y6? L#',gBgZ)4D1D8os*q_[H[X79T@bianA>.+aFk#Nn,EOf?XN1IdcjtnX29;`gBJ;* 112 0 obj <> endobj hninihs!&9W_'Re8_6PCT_.Fph=0Yi$,*J)4a+!1#>)N*XTc4FG"&oa7=2(5:/eNh The study of information as a choice variable has been given much more weight by disciplines other than economics. '=-Vd1?NDi,5IQI[&t.L&aUXhdS83-FIW+t4H7L0 An+*t#';;3/g3K85mcOj*0#bF'S[_qab[aT1Br.R'TnUAaG),WM8UN1_%=OMa:O#L f$];=g'_"k"J3WAXYmb5kVf!\9q]Hd%5]"J\nMCk)JQ3q9N.gX#W2&X2C[I[GJ[cI Economics of information, or information economics, belongs to the field of microeconomics and it studies the importance of information in Economics. R2d?#U(ZSsL,j-MPDTo6_2uZf_9U!6%TT`%'(7s%l8qGBJM*Y?163tCI[]Br%]h83ih\jFuJ/Mp.I%0dO\ ?%6A!p7%J$je+HhI'shn!`!lMk5[l[. 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