Advances in Mathematical Economics by Shigeo KusuokaAdvances in Mathematical Economics by Shigeo Kusuoka

Advances in Mathematical Economics

byShigeo Kusuoka, Toru Maruyama

Paperback | October 3, 2013

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The role of asymmetric information in allocation of resources, together with the associated information-revelation process, has long been a central focus of economic research. While the bulk of the literature addresses these is­ sues within the framework of principal-agent relationship, which essentially reduces the problem to the sole principal's (the sole Stackelberg leader's) optimization problem subject to the agents' (the Stackelberg followers') re­ sponses, there are recent attempts to extend analysis to other economic setups characterized by different relationships among decision-makers. A notable strand of such attempts is the core analysis of incomplete in­ formation. Here, there is no Stackelberg-type relationship, and more impor­ tantly the players can talk to each other for coordinated choice of strategies. See, e.g., Wilson (1978) for a pioneering work; Yannelis (1991) for formula­ tion of feasibility of a strategy as its measurability; Ichiishi and Idzik (1996) for introduction of Bayesian incentive-compatibility to this strand; Ichiishi, Idzik and Zhao (1994) for information revelation (that is, endogenous deter­ mination of updated information structures); Ichiishi and Radner (1997) and Ichiishi and Sertel (1998) for studies of a specific model of Chandler's firm in multidivisional form for sharper results; and Vohra (1999) for a recent work. It is a common postulate in these works that every player takes part in design of a mechanism and also in execution of the signed contract.
Title:Advances in Mathematical EconomicsFormat:PaperbackDimensions:164 pages, 23.5 × 15.5 × 1.73 inPublished:October 3, 2013Publisher:Springer-Verlag/Sci-Tech/TradeLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:4431659331

ISBN - 13:9784431659334

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Table of Contents

Research Articles.- Turnpike theorems for positive multivalued stochastic operators.- Functional differential inclusion on closed sets in Banach spaces.- Job matching: a multi-principal, multi-agent model.- Term structure and SPDE.- Fixed point theorems and the existence of economic equilibria based on conditions for local directions of mappings.- Efficiency of stochastic transfers in a directed graph.- Allocations of labour resources on trajectories for the model with discrete innovations.