This is an extract from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This volume concentrates on the topic of allocation information and markets.
A concise introduction to the theory of contracts, emphasizing basic tools that allow the reader to understand the main theoretical models; revised and updated throughout for this edition.
The paper analyzes the effects of informational asymmetries on the market structure of the banking industry in a multi-period model of spatial competition. All lenders face uncertainty with regard to borrowers’ creditworthiness, but, in the process of lending, incumbent banks gather proprietary information about their clients, acquiring an advantage over potential entrants. These informational asymmetries are an important determinant of the industry structure and may represent a barrier to entry for new banks. The paper shows that, in contrast with traditional models of horizontal differentiation, the steady-state equilibrium is characterized by a finite number of banks even in the absence of fixed costs.
Provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance and different issues with financing entrepreneurs. The Handbook comprises contributions from 48 authors based in 12 different countries.
The takeover boom that began in the mid-1980s has exhibited many phenomena not previously observed, such as hostile takeovers and takeover defenses, a widespread use of cash as a means of payment for targeted firms, and the acquisitions of companies ranking among the largest in the country. With the aim of more fully understanding the implications of such occurances, contributors to this volume consider a broad range of issues as they analyze mergers and acquisitions and study the takeoveer process itself.
A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The book emphasizes applications rather than general theorems while providing self-contained, intuitive treatment of the simple models analyzed. In this way, it can also serve as a reference for researchers interested in building contract-theoretic models in applied contexts.The book covers all the major topics in contract theory taught in most graduate courses. It begins by discussing such basic ideas in incentive and information theory as screening, signaling, and moral hazard. Subsequent sections treat multilateral contracting with private information or hidden actions, covering auction theory, bilateral trade under private information, and the theory of the internal organization of firms; long-term contracts with private information or hidden actions; and incomplete contracts, the theory of ownership and control, and contracting with externalities. Each chapter ends with a guide to the relevant literature. Exercises appear in a separate chapter at the end of the book.
In a career extending over almost six decades, Nicholas Rescher has conducted researches in almost every principal area of philosophy, historical and systematic alike. In this extraordinary volume, two dozen scholars join in offering penetrating discussions of various facets of Rescher’s investigations. The result is an instructively critical panorama of the many-faceted contributions of this important American philosopher. Born in Germany in 1928, Nicholas Rescher came to the U.S. at the age of nine. He is University Professor of Philosophy at the University of Pittsburgh where he has also served as Chairman of the Philosophy Department and as director (and currently chairman) of the Center for Philosophy of Science. In a productive research career extending over six decades, he has established himself as a systematic philosopher of the old style. His work represents a many-sided approach to fundamental philosophical issues that weaves together threads of thought from continental idealism and American pragmatism. And apart from this larger program Rescher has made various specific contributions to logic (the conception autodescriptive systems of many-sided logic), the history of logic (the medieval Arabic theory of modal syllogistic), to the theory of knowledge (epistemetrics as a quantitative approach in theoretical epistemology), and to the philosophy of science (the theory of a logarithmic retardation of scientific progress). Rescher has also worked in the area of futuristics, and along with Olaf Helmer and Norman Dalkey is co-inaugurator of the so-called Delphi method of forecasting. Ten books about Rescher’s philosophy have been published in four languages. Rescher earned his doctorate at Princeton in 1951 while still at the age of twenty-two—a record for Princeton’s Department of Philosophy. He has served as a President of the American Philosophical Association, of the American Catholic Philosophy Association, of the American G. W. Leibniz Society, of the C. S. Peirce Society, and of the American Metaphysical Society. He was the founder of the American Philosophical Quarterly. An honorary member of Corpus Christi College, Oxford, he has been elected to membership in the European Academy of Arts and Sciences (Academia Europaea), the Royal Society of Canada, the Institut International de Philosophie, and several other learned academies. Having held visiting lectureships at Oxford, Constance, Salamanca, Munich, and Marburg, he has been awarded fellowships by the Ford, Guggenheim, and National Science Foundations. Author of some hundred books ranging over many areas of philosophy, over a dozen of them translated from English into other languages, he is the recipient of eight honorary degrees from universities on three continents. He was awarded the Alexander von Humboldt Prize for Humanistic Scholarship in 1984, the Belgian Prix Mercier in 2005, and the Aquinas Medal of the American Catholic Philosophical Association in 2007.