Incentives Motivation and the Economics of Information

ISBN-10: 0521539749
ISBN-13: 9780521539746
Edition: 2nd 2006 (Revised)
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Description: This book examines the incentives at work in a wide range of institutions to see how and how well coordination is achieved by informing and motivating individual decision makers. The book examines the performance of agents hired to carry out  More...

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Book details

List price: $62.00
Edition: 2nd
Copyright year: 2006
Publisher: Cambridge University Press
Publication date: 5/1/2006
Binding: Paperback
Pages: 604
Size: 6.75" wide x 9.75" long x 1.50" tall
Weight: 2.332
Language: English

This book examines the incentives at work in a wide range of institutions to see how and how well coordination is achieved by informing and motivating individual decision makers. The book examines the performance of agents hired to carry out specific tasks, from taxi drivers to CEOs. It investigates the performance of institutions, from voting schemes to kidney transplants, to see if they enhance general well being. The book examines a broad range of market transactions, from auctions to labor markets, to the entire economy. The analysis is conducted using specific worked examples, lucid general theory, and illustrations drawn from news stories. Of the seventy different topics and sections, only twelve require a knowledge of calculus. The second edition offers new chapters on auctions, matching and assignment problems, and corporate governance. Boxed examples are used to highlight points of theory and are separated from the main text.

Donald E. Campbell is CSX Professor of Economics and Public Policy at William and Mary College, Williamsburg, Virginia, where he has taught since 1990. He previously served as Professor of Economics at the University of Toronto from 1970 to 1990. He is the author of Resource Allocation Mechanisms (Cambridge University Press, 1987), and Equity, Efficiency and Social Choice (1992). His published research has appeared in leading journals such as Econometrica, the Journal of Political Economy, American Economic Review, the Journal of Economic Theory, Review of Economics Studies, and the Journal of Mathematical Economics.

Preface to the Second Edition
Equilibrium, Efficiency, and Asymmetric Information
Asymmetric Information
Taxi!
Acid Rain
Efficiency
Equilibrium
The Prisoner's Dilemma Game
Repetition and Equilibrium
Basic Models and Tools
Maximizing a Quadratic
Overview of Calculus
Lagrangian Multipliers
The Composite Commodity Model
Quasi-Linear Preferences
Decision Making Under Uncertainty
Insurance
Hidden Action
Resource Allocation
Marketable Pollution Rights
Incentive Regulation of the Telecommunications Industry
The Savings and Loan Debacle
Personal Bankruptcy
Mandatory Retirement
Tenure and the Performance of Professors
Pay and Performance in U.S. Public Schools
Moral Hazard and Insurance
Corporate Governance
A Brief Tour of Several Countries
Partnerships
The Owner-Employee Relationship
The Owner-Manager Relationship in Practice
Agency Theory
Hidden Characteristics
Price Discrimination
Two-Person Exchange
The Used-Car Market
Credit Rationing
Bundling and Product Quality
Job-Market Signaling
Competitive Insurance Markets
Auctions
Introduction
The Vickrey Auction
Four Basic Auction Mechanisms
Revenue Equivalence
Applications of the Revenue Equivalence Theorem
Interdependent Values
Voting and Preference Revelation
Voting Schemes
Preference Revelation in General
General Proof of the Gibbard-Satterthwaite Theorem
The Revelation Principle
Public Goods and Preference Revelation
The Economic Model
The Pivotal Mechanism
Groves Mechanisms
Efficiency and Incentive Compatibility
Matching
Students and Advisors
College Admissions
Hospitals and Doctors
Allocating Dormitory Rooms
Kidney Transplants
General Competitive Equilibrium
Competition, Property Rights, and Prosperity
The Arrow-Debreu Economy
Nonconvex Economies
Efficiency and Incentive Compatibility
Common Property Resources
References
Author Index
Subject Index

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