Scheinkman, José A.; Arrow, Kenneth J.; Bolton, Patrick
As long as there have been financial markets, there have been bubbles--those moments in which asset prices inflate far beyond their intrinsic value, often with ruinous results. Yet economists are slow to agree on the underlying forces behind these events. In this book Jose A. Scheinkman offers new insight into the mystery of bubbles. Noting some general characteristics of bubbles--such as the rise in trading volume and the coincidence between increases in supply and bubble implosions--Scheinkman offers a model, based on differences in beliefs among investors, that explains these observations....
As long as there have been financial markets, there have been bubbles--those moments in which asset prices inflate far beyond their intrinsic value, o...
Kenneth J. Arrow's pathbreaking "impossibility theorem" was a watershed innovation in the history of welfare economics, voting theory, and collective choice, demonstrating that there is no voting rule that satisfies the four desirable axioms of decisiveness, consensus, nondictatorship, and independence. In this book Eric Maskin and Amartya Sen explore the implications of Arrow's theorem. Sen considers its ongoing utility, exploring the theorem's value and limitations in relation to recent research on social reasoning, and Maskin discusses how to design a voting rule that gets us closer to...
Kenneth J. Arrow's pathbreaking "impossibility theorem" was a watershed innovation in the history of welfare economics, voting theory, and collective ...
Finkelstein, Amy; Arrow, Kenneth J.; Gruber, Jonathan
Moral hazard--the tendency to change behavior when the cost of that behavior will be borne by others--is a particularly tricky question when considering health care. Kenneth J. Arrow's seminal 1963 paper on this topic (included in this volume) was one of the first to explore the implication of moral hazard for health care, and Amy Finkelstein--recognized as one of the world's foremost experts on the topic--here examines this issue in the context of contemporary American health care policy. Drawing on research from both the original RAND Health Insurance Experiment and her own research,...
Moral hazard--the tendency to change behavior when the cost of that behavior will be borne by others--is a particularly tricky question when consideri...
The Handbook of Mathematical Economics aims to provide a definitive source, reference, and teaching supplement for the field of mathematical economics. It surveys, as of the late 1970's the state of the art of mathematical economics. This is a constantly developing field and all authors were invited to review and to appraise the current status and recent developments in their presentations. In addition to its use as a reference, it is intended that this Handbook will assist researchers and students working in one branch of mathematical economics to become acquainted with other branches of...
The Handbook of Mathematical Economics aims to provide a definitive source, reference, and teaching supplement for the field of mathematical econom...
The Handbook of Mathematical Economics aims to provide a definitive source, reference, and teaching supplement for the field of mathematical economics. It surveys, as of the late 1970's the state of the art of mathematical economics. This is a constantly developing field and all authors were invited to review and to appraise the current status and recent developments in their presentations. In addition to its use as a reference, it is intended that this Handbook will assist researchers and students working in one branch of mathematical economics to become acquainted with other branches...
The Handbook of Mathematical Economics aims to provide a definitive source, reference, and teaching supplement for the field of mathematical ec...
Most Americans strongly favor equality of opportunity if not outcome, but many are weary of poverty's seeming immunity to public policy. This helps to explain the recent attention paid to cultural and genetic explanations of persistent poverty, including claims that economic inequality is a function of intellectual ability, as well as more subtle depictions of the United States as a meritocracy where barriers to achievement are personal--either voluntary or inherited--rather than systemic. This volume of original essays by luminaries in the economic, social, and biological sciences,...
Most Americans strongly favor equality of opportunity if not outcome, but many are weary of poverty's seeming immunity to public policy. This helps...
This volume presents a collection of 30 essays on the character, administration and management of research universities, with special emphasis on the perspective of statistics and operations research. It concentrates on issues of systematic planning, planning models, teaching approaches, and management associated with the aims and methods of operations research, although it also deals with more general concerns about the management of universities and university resources. A final section looks at some of the applications of operations-research and statistical tools that have moved outside...
This volume presents a collection of 30 essays on the character, administration and management of research universities, with special emphasis on the ...
Since World War II the subject of social choice has grown in many and surprising ways. The impossibility theorems have suggested many directions: mathematical characterisations of voting structures satisfying various sets of conditions, the consequences of restricting choice to certain domaines, the relation to competitive equilibrium and the core, and trade-offs among the partial satisfactions of some conditions. The links with classical and modern theories of justice and, in particular, the competing ideas of rights and utilitarianism have shown the power of formal social choice analysis in...
Since World War II the subject of social choice has grown in many and surprising ways. The impossibility theorems have suggested many directions: math...
Since World War II the subject of social choice has grown in many and surprising ways. The impossibility theorems have suggested many directions: mathematical characterisations of voting structures satisfying various sets of conditions, the consequences of restricting choice to certain domaines, the relation to competitive equilibrium and the core, and trade-offs among the partial satisfactions of some conditions. The links with classical and modern theories of justice and, in particular, the competing ideas of rights and utilitarianism have shown the power of formal social choice analysis in...
Since World War II the subject of social choice has grown in many and surprising ways. The impossibility theorems have suggested many directions: math...
Unlike the papers of some other great economists, those of Kenneth Arrow are being read and studied today with even greater care and attention than when they first appeared in the journals. The publication of his collected papers will therefore be welcomed by economists and other social scientists and in particular by graduate students, who can draw from them the deep knowledge and the discernment in selection of scientific problems that only a master can offer. The author has added headnotes to certain well-known papers, describing how he came to write them.
The study of production...
Unlike the papers of some other great economists, those of Kenneth Arrow are being read and studied today with even greater care and attention than...
