tailieunhanh - Markets with Asymmetric Information

Trong hơn hai thập kỷ, nghiên cứu về khuyến khích và cân bằng thị trường trong các tình huống với thông tin bất đối xứng đã được một phần proliÞc của lý thuyết kinh tế. Năm 1996, Ngân hàng của Thụy Điển giải thưởng trong ngành khoa học kinh tế tưởng nhớ Alfred Nobel được trao cho James Mirrlees và William Vickrey cho những đóng góp cơ bản cho lý thuyết của các ưu đãi theo thông tin bất đối xứng, đặc biệt là các ứng dụng của mình cho các thiết kế của thuế thu nhập tối ưu và. | Markets with Asymmetric Information October 10 2001 For more than two decades research on incentives and market equilibrium in situations with asymmetric information has been a prolific part of economic theory. In 1996 the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel was awarded to James Mirrlees and William Vickrey for their fundamental contributions to the theory of incentives under asymmetric information in particular its applications to the design of optimal income taxation and resource allocation through different types of auctions. The theory of markets with asymmetric information rests firmly on the work of three researchers George Akerlof University of California Berkeley Michael Spence Stanford University and Joseph Stiglitz Columbia University . Their pioneering contributions have given economists tools for analyzing a broad spectrum of issues. Applications extend from traditional agricultural markets to modern financial Why are interest rates often so high on local lending markets in Third World countries Why do people looking for a good used car typically turn to a dealer rather than a private seller Why do firms pay dividends even if they are taxed more heavily than capital gains Why is it in the interest of insurance companies to offer a menu of policies with different mixes of premiums coverage and deductibles Why do wealthy landowners not bear the entire harvest risk in contracts with poor tenants These questions exemplify familiar - but seemingly different - phenomena each of which posed a challenge to traditional economic theory. This year s laureates showed that these - and many other - phenomena can be understood by augmenting the theory with the same realistic assumption one side of the market has better information than the other. The borrower knows more than the lender about his creditworthiness the seller knows more than the buyer about the quality of his car the CEO and board of a firm know more than the .