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 | | The Analytics of Uncertainty and Information (Cambridge Surveys of Economic Literature) by Jack Hirshleifer, John G. Riley ISBN-10: 9780521283694 ISBN-10: 0-521-28369-8 ISBN-13: 9780521283694 ISBN-13: 978-0-521-28369-4 Paperback 1992-09-25 Cambridge University Press Find Lowest Price |
Editorials | ||
Product Description Recent intellectual advances in the theory of uncertainty and information are presented in this book, which unifies many important but partial results into a satisfying single picture, making it clear how the economics of uncertainty and information generalizes and extends standard economic analysis. Part 1 covers the economics of uncertainty: each person adapts to a given fixed state of knowledge by making an optimal choice among the immediate "terminal" actions available. These choices in turn determine the overall market equilibrium reflecting the social distribution of risk-bearing. In Part 2, covering the economics of information, the state of knowledge is no longer held fixed, and individuals can overcome their ignorance by "informational" actions. The text also addresses many specific topics such as insurance, the Capital Asset Pricing Model, auctions, deterrence of entry, and research and invention. | ||
Reviews | ||
Difficult but worthwhile read Firstly, this book is not a book for a novice to economics, and as an economics graduate, I found this a challenging book to read. If you are a mathematics major, you might also want to consider this book. That being said, the theories expressed in this book are truely phenomenal. Anyone with an interest or background in transactions cost economic theory will be both at an advantage, and will have a deep appreciation for the contents of this book. This book comes in two halves. The first deals with situations where an individual has limited information, and derives some generalised theories about how individuals choose actions to obtain a probability density function of alternatives (since outcomes are not fully known). The second half of this book deals with situations where an agent can partake in information gathering activities to reduce the risk involved in the action-consequence connection. This is a tough book, not for the faint of heart. But it is an incredibly worthwhile book. And as I said earlier, a background in economics (or *possibly* mathematics) is essential. Easily worth the money paid. | ||