Ignorance and Uncertainty

Erscheinungsjahr 2019
ISBN: 978-1-108-43449-2
Verlag: Cambridge University Press

Buch, Englisch, Band 61, 320 Seiten, Format (B × H): 152 mm x 229 mm, Gewicht: 443 g

Reihe: Econometric Society Monographs

Born of a belief that economic insights should not require much mathematical sophistication, this book proposes novel and parsimonious methods to incorporate ignorance and uncertainty into economic modeling, without complex mathematics. Economics has made great strides over the past several decades in modeling agents' decisions when they are incompletely informed, but many economists believe that there are aspects of these models that are less than satisfactory. Among the concerns are that ignorance is not captured well in most models, that agents' presumed cognitive ability is implausible, and that derived optimal behavior is sometimes driven by the fine details of the model rather than the underlying economics. Compte and Postlewaite lay out a tractable way to address these concerns, and to incorporate plausible limitations on agents' sophistication. A central aspect of the proposed methodology is to restrict the strategies assumed available to agents.

Autoren/Hrsg.

Compte, Olivier

Postlewaite, Andrew

Fachgebiete

• Mathematik | Informatik Mathematik Stochastik Mathematische Statistik
• Interdisziplinäres Wissenschaften Wissenschaften: Forschung und Information Forschungsmethodik, Wissenschaftliche Ausstattung
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Wirtschaftsstatistik, Demographie
• Mathematik | Informatik Mathematik Operations Research Spieltheorie
• Mathematik | Informatik Mathematik Stochastik Wahrscheinlichkeitsrechnung

Inhaltsverzeichnis

Introduction; Part I. Modeling Challenges: 1. Action space; 2. Ignorance and uncertainty; 3. Observations, perceptions and strategies; 4. Strategies and strategy restrictions; 5. Knowledge and beliefs; Part II. Legends and Myths: 6. Information aggregation; 7. Mechanism design; 8. Surplus extraction; 9. Folk theorems; 10. Comparative statics; Part III. Applications: 11. Auctions; 12. Learning; 13. Reputation; 14. Cooperation; 15. Influence; 16. Information aggregation in markets; 17. Bargaining; 18. Attrition; 19. Reputation; 20. Coordination; 21. Ambiguity and other complexity related aversions; Miscellanea; Index.

Über Autor(innen)

Postlewaite, Andrew
Andrew Postlewaite is the Harry P. Kamen Professor of Economics and a Professor of Finance at the University of Pennsylvania.

Compte, Olivier
Olivier Compte is a Professor at the Paris School of Economics and École des Ponts ParisTech.