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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
277
extensive analysis than fits within this chapter. The reader interested in such models—in
particular, so-called models of countervailing incentives in which u(x
0
,·) is increasing in
type—should consult Lewis and Sappington (1989) and Maggi and Rodriguez-Clare
(1995), among other articles.
Assumption 5 reflects that the buyer is acquiring something more than what he
would have absent trade. It is a natural assumption in contractual screening settings
more generally (e.g., no trade could constitute zero hours worked when an uninformed
principal seeks to hire an informed agent).
6.2.1.3 Characterizing ...
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Publisher Resources

ISBN: 9780444536853