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This textbook incorporates the author's previous book "The Economics of Uncertainty and Insurance" and extends it with the addition of several new chapters on risk sharing, asymmetric information, adverse selection, signaling and moral hazard. It provides a comprehensive introduction to the...
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Plott, Wit & Yang (2003) conduct a betting market experiment and find: First, information was aggregated. This suggests … replicate their experiment. Our results suggest that the paradox seems due to aggregate rather than individual level data …
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