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Asymmetric Information
In contract theory, mechanism design, and economics, an information asymmetry is a situation where one party has more or better information than the other. Information asymmetry creates an imbalance of power in transactions, which can sometimes cause the transactions to be inefficient, causing market failure in the worst case. Examples of this problem are adverse selection, moral hazard,Dembe, Allard E. and Boden, Leslie I. (2000). "Moral Hazard: A Question of Morality?" New Solutions 2000 10(3). 257–79 and monopolies of knowledge. A common way to visualise information asymmetry is with a scale, with one side being the seller and the other the buyer. When the seller has more or better information, the transaction will more likely occur in the seller's favour ("the balance of power has shifted to the seller"). An example of this could be when a used car is sold, the seller is likely to have a much better understanding of the car's condition and hence its market value than the bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James A
James may refer to: People * James (given name) * James (surname) * James (musician), aka Faruq Mahfuz Anam James, (born 1964), Bollywood musician * James, brother of Jesus * King James (other), various kings named James * Prince James (other) * Saint James (other) Places Canada * James Bay, a large body of water * James, Ontario United Kingdom * James College, York, James College, a college of the University of York United States * James, Georgia, an unincorporated community * James, Iowa, an unincorporated community * James City, North Carolina * James City County, Virginia ** James City (Virginia Company) ** James City Shire * James City, Pennsylvania * St. James City, Florida Film and television * James (2005 film), ''James'' (2005 film), a Bollywood film * James (2008 film), ''James'' (2008 film), an Irish short film * James (2022 film), ''James'' (2022 film), an Indian Kannada-language film * "James", a television Adventure Time (season 5)#ep42, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Stiglitz
Joseph Eugene Stiglitz (; born February 9, 1943) is an American New Keynesian economist, a public policy analyst, political activist, and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is a former senior vice president and chief economist of the World Bank. He is also a former member and chairman of the U.S. Council of Economic Advisers. He is known for his support for the Georgist public finance theory and for his critical view of the management of globalization, of ''laissez-faire'' economists (whom he calls " free-market fundamentalists"), and of international institutions such as the International Monetary Fund and the World Bank. In 2000, Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. He has been a member of the Columbia faculty since 2001 and received the university's highest academ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
De Officiis
''De Officiis'' (''On Duties'', ''On Obligations'', or ''On Moral Responsibilities'') is a 44 BC treatise by Marcus Tullius Cicero divided into three books, in which Cicero expounds his conception of the best way to live, behave, and observe moral obligations. The posthumously published work discusses what is honorable (Book I), what is to one's advantage (Book II), and what to do when the honorable and private gain apparently conflict (Book III). For the first two books Cicero was dependent on the Stoic philosopher Panaetius, but wrote more independently for the third book. Background ''De Officiis'' was written in October–November 44 BC, in under four weeks. This was Cicero's last year alive, and he was 62 years of age. Cicero was at this time still active in politics, trying to stop revolutionary forces from taking control of the Roman Republic. Despite his efforts, the republican system failed to revive even upon the assassination of Caesar, and Cicero was himself assas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contemporary History
Contemporary history, in English-language historiography, is a subset of modern history that describes the historical period from about 1945 to the present. In the social sciences, contemporary history is also continuous with, and related to, the rise of postmodernity. Contemporary history is politically dominated by the Cold War (1947–1991) between the Western Bloc, led by the United States, and the Eastern Bloc, led by the Soviet Union. The confrontation spurred fears of a nuclear war. An all-out "hot" war was avoided, but both sides intervened in the internal politics of smaller nations in their bid for global influence and via proxy wars. The Cold War ultimately ended with the Revolutions of 1989 and the dissolution of the Soviet Union in 1991. The latter stages and aftermath of the Cold War enabled the democratization of much of Europe, Africa, and Latin America. Decolonization was another important trend in Southeast Asia, the Middle East, and Africa as new states ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roger Myerson
Roger Bruce Myerson (born March 29, 1951) is an American economist and professor at the University of Chicago. He holds the title of the David L. Pearson Distinguished Service Professor of Global Conflict Studies at The Pearson Institute for the Study and Resolution of Global Conflicts in the Harris School of Public Policy Studies, Harris School of Public Policy, the Griffin Department of Economics, and the College of the University of Chicago. Previously, he held the title The Glen A. Lloyd Distinguished Service Professor of Economics. In 2007, he was the winner of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel with Leonid Hurwicz and Eric Maskin for "having laid the foundations of mechanism design theory". He was elected a Member of the American Philosophical Society in 2019. Biography Roger Myerson was born in 1951 in Boston into a Jews, Jewish family. He attended Harvard University, where he received his Bachelor of Arts, A.B., ''summa cum laude'', ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eric Maskin
Eric Stark Maskin (born December 12, 1950) is an American economist and mathematician. He was jointly awarded the 2007 Nobel Memorial Prize in Economic Sciences with Leonid Hurwicz and Roger Myerson "for having laid the foundations of mechanism design theory". He is the Adams University Professor and Professor of Economics and Mathematics at Harvard University. Until 2011, he was the Albert O. Hirschman Professor of Social Science at the Institute for Advanced Study, and a visiting lecturer with the rank of professor at Princeton University.Economics professor wins Nobel – The Daily Princetonian Early life and education Maskin was born in |
Leonid Hurwicz
Leonid Hurwicz (; August 21, 1917 – June 24, 2008) was a Polish–American economist and mathematician, known for his work in game theory and mechanism design. He originated the concept of incentive compatibility, and showed how desired outcomes can be achieved by using incentive compatible mechanism design. Hurwicz shared the 2007 Nobel Memorial Prize in Economic Sciences (with Eric Maskin and Roger Myerson) for his seminal work on mechanism design. Hurwicz was one of the oldest Nobel Laureates, having received the prize at the age of 90. Hurwicz was educated and grew up in Poland, and became a refugee in the United States after Hitler invaded Poland in 1939. In 1941, Hurwicz worked as a research assistant for Paul Samuelson at the Massachusetts Institute of Technology and Oskar Lange at the University of Chicago. He was a research associate for the Cowles Commission between 1942 and 1946. In 1946 he became an associate professor of economics at Iowa State College. Hurwic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Memorial Prize In Economic Sciences
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (), commonly referred to as the Nobel Prize in Economics(), is an award in the field of economic sciences administered by the Nobel Foundation, established in 1968 by Sveriges Riksbank (Sweden's central bank) to celebrate its 300th anniversary and in memory of Alfred Nobel. Although the Prize in Economic Sciences was not one of the original five Nobel Prizes established by Alfred Nobel's will, it is considered a member of the Nobel Prize system, and is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Winners of the Prize in Economic Sciences are chosen in a similar manner to and announced alongside the Nobel Prize recipients, and receive the Prize in Economic Sciences at the Nobel Prize Award Ceremony. The laureates of the Prize in Economic Sciences are selected by the Royal Swedish Academy of Sciences, which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Foundation
The Nobel Foundation () is a private institution founded on 29 June 1900 to manage the finances and administration of the Nobel Prizes. The foundation is based on the last will of Alfred Nobel, the inventor of dynamite. It also holds Nobel Symposia on important breakthroughs in science and topics of cultural or social significance. History Alfred Nobel (; born 21 October 1833, in Stockholm, Sweden) was a chemist, engineer, innovator, armaments manufacturer and the inventor of dynamite. He owned Bofors, a major armaments manufacturer, which he had redirected from its original business as an iron and steel mill. Nobel held 355 different patents, dynamite being the most famous. Nobel amassed a sizeable personal fortune during his lifetime, thanks mostly to this invention. In 1896 Nobel died of a stroke in his villa in Sanremo, San Remo, Italy where he had lived his final years.AFP"Alfred Nobel's last will and testament", ''The Local''(5 October 2009): accessed 14 January 2009. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Royal Swedish Academy Of Sciences
The Royal Swedish Academy of Sciences () is one of the Swedish Royal Academies, royal academies of Sweden. Founded on 2 June 1739, it is an independent, non-governmental scientific organization that takes special responsibility for promoting natural sciences and mathematics and strengthening their influence in society, whilst endeavouring to promote the exchange of ideas between various disciplines. The goals of the academy are: * To be a forum where researchers meet across subject boundaries, * To offer a unique environment for research, * To provide support to younger researchers, * To reward outstanding research efforts, * To communicate internationally among scientists, * To advance the case for science within society and to influence research policy priorities * To stimulate interest in mathematics and science in school, and * To disseminate and popularize scientific information in various forms. Every year, the academy awards the Nobel Prizes in Nobel Prize in Physics, phy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph E
Joseph is a common male name, derived from the Hebrew (). "Joseph" is used, along with " Josef", mostly in English, French and partially German languages. This spelling is also found as a variant in the languages of the modern-day Nordic countries. In Portuguese and Spanish, the name is "José". In Arabic, including in the Quran, the name is spelled , . In Kurdish (''Kurdî''), the name is , Persian, the name is , and in Turkish it is . In Pashto the name is spelled ''Esaf'' (ايسپ) and in Malayalam it is spelled ''Ousep'' (ഔസേപ്പ്). In Tamil, it is spelled as ''Yosepu'' (யோசேப்பு). The name has enjoyed significant popularity in its many forms in numerous countries, and ''Joseph'' was one of the two names, along with '' Robert'', to have remained in the top 10 boys' names list in the US from 1925 to 1972. It is especially common in contemporary Israel, as either "Yossi" or "Yossef", and in Italy, where the name "Giuseppe" was the most co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
