Book ChapterDOI
Information, Economics of
S.S. Lippman,John J. McCall +1 more
- pp 7480-7486
Reads0
Chats0
TLDR
In this article, the authors assess the current status of the economics of information, focusing on the acquisition of information (search) and the incentives associated with asymmetric information (non-cooperative game theory).Abstract:
This article assesses the current status of the economics of information. The focus is on the acquisition of information (search) and the incentives associated with asymmetric information (noncooperative game theory). The evolution of these two areas also is presented along with simple examples. Their evolutions have a similar structure. The formal, abstract development of search is separate from its informal, concrete growth. At critical points the two paths intersect. The unification and illumination generated by these sudden meetings propel the economics of search to higher levels of understanding. In the economics of asymmetric information, game theory comprises the formal trajectory and industrial organization, broadly construed, is the relatively informal path. Econometric methods, devised shortly after an intersection, have exploited the empirical aspects of the new search paradigm. Experimental economics is performing an analogous function in the economics of asymmetric information. The article concludes with predictions regarding future developments.read more
Citations
More filters
Posted Content
Economics of Information
TL;DR: In this article, the authors introduce the concept of ''search'' where a buyer wanting to get a better price, is forced to question sellers, and deal with various aspects of finding the necessary information.
Journal ArticleDOI
Financial Accounting in the Banking Industry: A Review of the Empirical Literature
Anne Beatty,Scott Liao +1 more
TL;DR: In this article, the authors provide a brief background of the microeconomic theories of the economic role of banks, why bank capital is regulated, and how the accounting regime affects banks’ economic decisions.
Journal ArticleDOI
Government Accounting: An Assessment of Theory, Purposes and Standards
TL;DR: In this paper, the authors argue for a gradual symmetric approach to accruals and a combination of government-wide and fund reporting, and propose some broad accounting principles to promote political and economic accountability.
Journal ArticleDOI
Whose job is it anyway?: organizational information competencies for value creation
TL;DR: It is argued that the effective deployment and exploitation of information should be viewed as a ‘strategic asset’ and that organizations must recognize and develop information competencies and that these elements are distributed throughout the organization and not solely resident in the IS function.
Journal ArticleDOI
A systemic framework for the field of information systems
C. James Bacon,Brian Fitzgerald +1 more
TL;DR: A systemic framework of what the field of Information Systems is about; its connecting areas and its central theme is presented and how it might be used in teaching, the organizational setting, and IS research is discussed.
References
More filters
Book
Capitalism, Socialism and Democracy
TL;DR: In this paper, the authors present a history of the first half of the 20th century, from 1875 to 1914, of the First World War and the Second World War.
Posted Content
Economics of Information
TL;DR: In this article, the authors introduce the concept of ''search'' where a buyer wanting to get a better price, is forced to question sellers, and deal with various aspects of finding the necessary information.
Journal ArticleDOI
Uncertainty, Evolution, and Economic Theory
TL;DR: In this article, a modification of economic analysis to incorporate incomplete information and uncertain foresight as axioms is suggested, which embodies the principles of biological evolution and natural selection by interpreting the economic system as an adoptive mechanism which chooses among exploratory actions generated by the adaptive pursuit of "success" or "profit".
Journal ArticleDOI
Wage Differentials, Employer Size, and Unemployment
TL;DR: In this article, the unique equilibrium solution to a game in which a continuum of individual employers choose permanent wage offers and a spectrum of workers search by sequentially sampling from the set of offers is characterized.