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Handbook of the Economics of Risk and Uncertainty
book

Handbook of the Economics of Risk and Uncertainty

by Mark Machina, W. Kip Viscusi
November 2013
Beginner content levelBeginner
896 pages
35h 10m
English
North Holland
Content preview from Handbook of the Economics of Risk and Uncertainty
Uncertainty and Imperfect Information in Markets
269
In some instances, the existence of hard information is the informed party’s private
information (e.g., the seller knows what receipts she has) and in others it is commonly
known (e.g., a college graduate can produce a transcript). When existence is commonly
known, it may be difficult for the informed party to conceal her/his hard information
due to the unraveling argument of Grossman (1981): the uninformed party’s expecta-
tion of the information conditional on concealment is necessarily less than the true
value for some informed players; hence, those players, who are presumably concealing, ...
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Publisher Resources

ISBN: 9780444536853