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Aggregation of Expert Opinions
Gerardi, Dino; McLean, Richard; Postlewaite, Andrew - Department of Economics, University of Pennsylvania - 2005
Conflicts of interest arise between a decision maker and agents who have information pertinent to the problem because of differences in their preferences over outcomes. We show how the decision maker can extract the information by distorting the decisions that will be taken, and show that only...
Persistent link: https://www.econbiz.de/10005126676
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Policy Advice with Imperfectly Informed Experts
Battaglini, Marco - In: Advances in Theoretical Economics 4 (2004) 1, pp. 1100-1100
We study policy advice by several experts with noisy private information and biased preferences. We highlight a trade …-off between the truthfulness of the information revealed by each expert and the number of signals from different experts that can … be aggregated to reduce noise. Contrary to models with perfectly informed experts, because of this trade-off, full …
Persistent link: https://www.econbiz.de/10005458885
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ИНФОРМАЦИОННАЯ АСИММЕТРИЧНОСТЬ НА РИНКЕ ТРУДА И "ЭКОНОМИКА ПРЯНИКА И КНУТА" ДЖ.-А. МИРРЛИСА
А, МАСЛОВ - In: Вісник Киiвського … (2012) 3, pp. 57-60
В статье рассмотрены основные проблемы асимметрии информации в отношениях принципала и агента с целью определения оптимального и эффективного соотношения...
Persistent link: https://www.econbiz.de/10011234058
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Information, Knowledge and Agency: The Information Theoretic Approach and the Austrians
Runde, Jochen - In: Review of Social Economy 60 (2002) 2, pp. 183-208
Both the Information Theoretic Economics and Austrian Economics investigate the impact on market activity of problems of information and knowledge. The conceptions of information and knowledge they employ, however, as well as their respective views on and treatment of economic agency, are quite...
Persistent link: https://www.econbiz.de/10005446017
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Bank-runs und Moral-hazard
Gontermann, Andreas - Wirtschaftswissenschaftliche Fakultät, Universität … - 2003
Im klassischen Modell von Diamond und Dybvig (1983) werden Bank-runs durch sich selbst erfüllende pessimistische Erwartungen der Anleger provoziert. Sie sind damit ein Sonnenflecken-Phänomen. Die spekulativen Runs können u.a. durch eine Einlagenversicherung vermieden werden. Allerdings...
Persistent link: https://www.econbiz.de/10005063023
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Capital Adequacy Requirements and the Bank Lending Channel of Monetary Policy
Gontermann, Andreas - Wirtschaftswissenschaftliche Fakultät, Universität … - 2003
In this paper a modified version of Bernanke and Blinder�s (1988) model of the bank lending channel of monetary policy under asymmetric information is presented. If, aside from reserve requirements, banks have to meet capital adequacy requirements as well, then the results suggested by...
Persistent link: https://www.econbiz.de/10005063024
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On the Possibility of Credit Rationing in the Stiglitz-Weiss Model
Arnold, Lutz G. - Wirtschaftswissenschaftliche Fakultät, Universität … - 2005
Contrary to what is consistently assumed in the literature, the return function cannot be hump-shaped in the Stiglitz-Weiss (1981) model. This has important consequences for the possible occurrence of credit rationing and redlining. With a single class of borrowers, banks offer credit in two...
Persistent link: https://www.econbiz.de/10005063028
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Would you like to be a prosumer? Information revelation, personalization and price discrimination in electronic markets
Morasch, Karl; Bandulet, Martin - Fakultät für Wirtschafts- und … - 2003
Electronic commerce and flexible manufacturing allow personalization of initially standardized products at low cost. Will customers provide the information necessary for personalization? Assuming that a consumer can control the amount of information revealed, we analyze how his decision...
Persistent link: https://www.econbiz.de/10008462102
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Fraud and free riding in tropical forests – on the potential for certification to enforce sustainable resource use indirectly
Lippert, Christian - In: German Journal of Agricultural Economics 58 (2009) 3
Certification schemes for forest products are understood by many as a way to promote sustainable resource use when it is impossible to rely on direct enforcement of process standards. Based on the concept of ‘Self-Enforcing Contracts’, this study develops a market model that simulates the...
Persistent link: https://www.econbiz.de/10011142856
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Reforming the US IPO market: lessons from history and theory
Wright, Robert - In: Accounting History Review 12 (2002) 3, pp. 419-437
The current US IPO market is inefficient and unfair. To protect their own balance sheets, US investment banks systematically underprice offerings. To ration the cheap securities, the investment banks utilize various nefarious nonprice rationing techniques, including kickbacks. Regulators should...
Persistent link: https://www.econbiz.de/10005483334