The Economics of Imperfect Information [Hardcover]

This book provides a systematic presentation of new microeconomic theories of imperfect information.An introductory textbook presentation of the new microeconomic theories based on imperfect information. Explores informational asymmetry and reviews significant contributions from the late 1960s through the present.An introductory textbook presentation of the new microeconomic theories based on imperfect information. Explores informational asymmetry and reviews significant contributions from the late 1960s through the present.This is the first systematic textbook presentation of the new microeconomic theories based on imperfect information. Each chapter explores a particular type of informational asymmetry and reviews the main contributions, from the seminal papers of the late 1960s through the most recent developments. Wherever possible the theories covered are confronted with the available experimental evidence.List of figures and tables; Preface; Acknowledgments; 1. Preliminaries; Part I. Statics: 2. Asymmetric price information; 3. Asymmetric quality information; 4. Auctions; 5. Signaling equilibria; Part II. Dynamics: 6. Oligopoly and collusion; 7. Predatory pricing; 8. Efficient double auctions; References; Index.