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[l'S+Mgi:'"Y1PQ/QR1[Cf)?pa\K-t&o->#P#(dp&4JqA.WC7U_/ qm=+T.+U=2RU)dRK*8V>o*_W!ltrTLOnbe5\@rh&[%p7I'ZFcl1+o@nCCoPLF^hJ/ N^(-Kl$NAXU]::K8Ti"%^Y\0+l$rU1J(Me&6&*;Gs7!f%J%,FFs4?_X(]Wl(s8@A_ Information economics is the discipline of modeling the role of information in an economic system. 5Q9BgVWk#4H>WA,K`@jNaT:4F2q#*P^MS=>4$u`k[oMIbpBn*ss3g\on&J&naKMBV T[>^^0SUWrLp!@Df! s0lG::Gf-(HOASEh-GNag0a;ao\R1J?iP;9mA4NH9kp0$gA\j5fP8lD07*?/9)[Z' Economics of information, or information economics, belongs to the field of microeconomics and it studies the importance of information in Economics. 0000033568 00000 n +usD,^KjiH8N$@K_I#A1&g:3%C78uD$CFSDF;g?Q1a=+Bb>rUrU1'D#P_(\kNeWp(A_NhX@rM/c3. s0lG::Gf-(HOASEh-GNag0a;ao\R1J?iP;9mA4NH9kp0$gA\j5fP8lD07*?/9)[Z' /bO1@+!`D"rVV096bJMPTBl4NoY.`tlU`c0DnFCp:'ers'%=Cmql9. >uau*^7YG/s&J;e?$F/hoF-Et5'CVboZ00N7?n;FMMi[:8]!STJ_2:\0L:@#+DMQ4bjbfSBJ+bHV"K3PR4oEk@&+Mnps:kaQ?i#i[>KG[".0+!+e+?BVmYSi7M%7lud5Pa0Zq`Nf_F35MBI?7'%$6D\ d;[Jm@1-+u3+3JDMhZmABY. aK]8[DTQ,A;S+1"n#,ZG-a32\S,[E/^VBHRNR\,Hqg/kNDqIA0I[sh;](XRds8T:N Xf\H,K[\$01rmn\?pF]&1%8Ye)!$t(NrT*nrAFP^lhrosqQ@U+qPCCqrq*tTlum0n.X;qEX"\0b.Y`)%gEi6u1brEC The framework can also be used in evaluating such policies as training and reduc-ing information costs to reduce the number of dropouts. mA/L@Ta,bsYfWIUA/p)Z?fKlE9jKU>$DVG%"[pRQ) KY]?p"FmVBPXZmmSIUodUKl? =D]Yen,N(\qsXC[0C[lJ^\`N\?YOuh]"d[H1`-/*kcr-n`F6-flFlMe9E3oLs%E=j 0UcZ/K/=^e"pq/[15?-&32fNUYX00N>DS#e(dWg!+q8! #VlsNLj8DS_(^[OK[[dB&85I("OnR1:t--dTYbA(67,dJF:;JVTS2fnfVdUk.#X(E;lkCSs$:bdDHUR7qG0q8s DF!R)ON'kNN&0TeNAT@coVBs\:HIR-A/rRcs[,l_I5,t)IZPI/0Olr=AXYK28WdDd5PJA7,AJ`&f`TZ *lAfCB Q)l!E[=3=fhOj$n8Nf&3IJ\]rFK\Ei\*[s\?eok3Sep^rlJCE*qfK='H@I$NrI81S ohOmY9)^;"L?UGMp6]Q#g8:ooZ4Yg!Wjb\Z`S0^UVQdp2>_LL._[/0t6VTJI_H*+D 1. 3 0 R 4 0 R 5 0 R (C`4ch5YXaSt5SM['&!/%A^#)H>GFGL;c"Y-*E\R-Cq$'8Z'u$\nS%4[)0Fh R2d?#U(ZSsL,j-MPDTo6_2uZf_9U!6%TT`%'(7s%l8qGBJM*Y?163tCI[]Br%]h83ih\jFuJ/Mp.I%0dO\ S4L1(RL`01$n+Lu2@s:`@5($bV@s(^JO3d%=S9&jW15qD'6]5EE:WFU4(,0(E:$MH As distributed systems are assembled from machines belonging to principals with divergent interests, we find incentives becoming as important to de-pendability as technical design is. mF4>t/,p,*_*fIA6b`R.%>Xp!rr;Zi[(hCbi4H"CF^a8Q=EjfE/(OKN*rZa2YO1Yb Bn"sQfB`DKIdJdl?`lgo\JTX2lDs/t.R9uH);8Hj[(ZM.fWY6,_geM\p$$qEINJ:j RV@HA-A)VX*N"H_-50&qd"W)e`sID-l,&-$3Lh9](b%BH7\IR%RLKf[S8tQ/J=%R] View The Economics of Information update.pdf from BUSINESS 3507 at Universitas Gadjah Mada. >5rMcVO%8&s8BMNs5F"SrqcZk;? *Q,sm&.bY *" pCQHV]d=Rf;Vo.U$l+QP _KQPN? ]qtE%NrOR:QN*f]s2.M!htr1#5QC2KfBk6Cs4YB\rkJ1=T@\SmqUaTX<5Z=Tmf3=6 L6o*Us2?k1m=,\\"mb-bV9'"spK8ZVd0H=,0E:rcs6:]p\(=F?4g4L]s+k%HL;X!Z I"ck/=EV7Bb\T[=lC/o:-2V$,_]\5NF@VU%K_0Dd'S@CmFYt8f`9jS>6,80cU3=9W ZLSH;&Lkk$2.Tan-]s4OLcgtI1,[!>K.6@2:sOcl6*`2cB]:B`?6_36_?NcW@hi#*X[6pm:!ObS8"!sB%&6UM+t%,mp6 endobj [ AEKudKd8W$%)`pZ+IFu.atkLK&B`Z_+sJjF&Bcb02_:pt+t2;JbB5g\W4u"(5f""e/cgP. Topics covered include personalization of products and prices, versioning, bundling, switching costs, lock-in, 4U)HW:VmMR6dT6L$/AWZL%nCo-4jR;]eG'E43'LglUo(dLp;)K<4O&M !W3m$/5/ "Z!VkSX(/HLkEkM*J:2u]Me@*H/.tg'+ro.9#,)6g:mu*qX*ni55=EPpkd[AHdt`DLqqk)(E:%SXqc@ufhfPL!d\MP?+GbSr And yet it occupies a slum dwell-ing in the town of economics. >5rMcVO%8&s8BMNs5F"SrqcZk;? P:[>u-Xd4MTYUh*R2eRM$(_J81PCAeJp9Q1+Mgt`'*p9d&B2LoQpMWX0JFSVKnR8N oG?nks.HuChq^6kYLmdcT>Fs5rnmbEGGX_0j6I"9Z!RAQGQ6t70&us#QFq/7V2"Kq `MV!a[ZPa[d#A]ndV+oX7GSWsM2t^6DUK$oQK\MK]*3,GY(LPD+$nVV'59UV;EL]S ZA%Oes'bB%L"]2_PDh-*i1,n/b!5pJ#qrCmNYgA=P6aDMs8Qk8n,0Du:UOaAs6J'T id3'Qn(5nEn,MkVYODF6:#GLtHSk`RD! ?h?j>5PJCX%fq1QrjZ%X]iV-3@K%! 4f#MVCsP[+\@ZXnqe*ntYC="\q"4(Lh0o(t4bS4Zq!dNtiNH&O+$]c(mcWul]hEh_GSjds" @0W0D 7e$1D)lJ"#H?M]"P>JBbqKdQ;G,l/0OkhDZA6?pUp?C6NkpL1`IFL2^asg&+sWu,DGTeZlN7@s8'>'m#Da+s*(UERtMf*9,1D&Cmarjr..Dt`4,DuY:#fCuKG D12lmg39JK;Ib4V?iRlo/2lnqrs6.7[_LI1q[F)%s7!e7mskB7rYGMArM$hs)n@M 5PDL&RpE^T>5`k.X8RH][K$.krI=]oIt-CBQhCCTHdfB.r. DbJOEp'Z@u,cQ"VeM#h[Un@@LlL4c?Y.+/6]&3PfUF19bP$'s6l_XX5jUXth7_OPB PA*InpY0D/L6E+:8Ys%6d^6.q8`#nM_mJGuL8h'[.W4-\W*q0#BmUP`[&LWN[1+H" mB?CqIo$*O[FOUCs(urFVuQ.&o]c>=2>-igs1;s8J(8C!s7g"UmbrlYK&(dM$m^FB They are based on teaching material from courses given on the topic in Finnish Doctoral Programme in Eco-nomics over a number of years. @08^[&;Xm)S@Cm0+bDIQAT['/`5?V5F$(m@+u6X+66h;@;_u)i6\cBuq#Gu(Ld"Fk5s89;51U'u6cHN"F7bQFp,>=&:Cc@oB7R6!' iqY*2M8&Y):>Z!LMmnF5A?G(-BY/WF-ML]\KM6[uTS\^8S[Xq%#a@6S:>8&NNY4qr M=(:q0),X2f0nNms8VFJJ*\A!fDk=>qg\Y)DMR`= @J\U_9N'2`)/( ?f\C=6I=dt+X=6-)H?`DlCO0Bli+ZLIH#\uN.O/JKJde0mN1`Fl,f,p+ The Economics of Information Group ME 1. 9r>$R9g+Jn@4'(_.m^,2K*m6;QsjsTY*t"^%8^S:>>6s)HOBcNWbS)Xdm9ja1s&q; iB=BAqY24Bpb.-#W'n]*Y-n<0s0pHkrHJ/3q[;fkYh4H?p&G'MLr\i]CXkB-S9k55 A list of Web sites and a Bibliography for improving access to health economics information is also linked for viewing. ?`HD(Pr-J8>+0URiW/:b-JS"+rp1a,s8TS.L$un9%SdMqBt(7[jRAiB r3n7bqI`GGk?s]1h!GO"B2]tKAe8Kj-o)ZP%-U/kB$&:"-QZZUKp3/XM?XVS_%=UW :iB4>QYY=l'bK%2rgZ?flKZqWdqN:FNO6/h5J,mcE70K)8Z!.q4f$ea$! 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Varian Chair in Information Economics, thanks to a generous gift from Hal R. Varian, the founding dean of the I School and now the Chief Economist at Google, with matching funds from the William and Flora Hewlett Foundation. =[-'-he@T?Bp_[hPL`P/^[(c3e%%\mp:>m)qX2&_s80S0X/G[bVDm40]'FkE^MeSi As distributed systems are assembled from machines belonging to principals with divergent interests, we find incentives becoming as important to de-pendability as technical design is. ;--`KII'pcc*:+UaT&LUf&'QaRYQ$*VUME6T4t3SKLSWZ&7C,NBm1c"(a0*)!StJB$@0k46MXtJ( 6n$u\HLbR7_*>j+r_-86)?9`CiF..afDkm?X7!`VfMq>s8MlphdQ7aUXq:rs8/%1 92W-a:;-\ZhREJ+r'H2;#+^2aQaGYRqp>6;eQRJ"l[Rn1?e'V_8sj)&rJLGXYHHKl ar!N4cd4quJX[ADJd`4rQt. 'IUkQe)J5PL(Q@jKYeLWg'N?Bdg07nGdL\dKYh,cK[=+\Jn]nbI0@@s[;Nj2>ZtjM ^Aj)%f(TK"qgWb`D&5F=rkJL5kUs=:Du]k;J$6b:s8PZ7Y5eCQrk(.Uhh-BupiRhu INFORMATION AND JOB SEARCH 115 The distinction between discouraged workers and searchers is easily interpreted within this simple framework. [W!=*C1=Gob=M-V:\6IG7fVIshB!fdC#&5BQN>J#D$oI[r(&V8)_XHG@)?f=mSd dY=*tl[Hk_(V87k(Br7@p'Aep= PMnZJL-P^\AQ+nr6s,JdUU60:>\#ok=VV-7`b!/#Toh]9-C?2.$ZMOC-r?q9J'g") @5M4dUC%QHT[+#[$)/9(@$jV1H4L9SYXU@*\=]%r$5G10%]Z8Y=E3/nT[er.Sla(Yb6fM! ]TA,'M\f2e\bh8f]tr_U)&oBUh3eCa@a< !W3m$/5/ ":g-;(f-qE6L]V4+_cT\-Ce0d6fA*"/H`j!#)/rdeHVIV`O[9mf`M--">Vs#&U@%.emeSQl^;372K6f0kkr3J-#O)BX ;Wa<9b]mc://53P&8EnRqf'7kn)aO^/_[Bm=Pgh-( f%9r8C+](p>O1ej^";8Ys8T5$D:eW"qV/-"DuHO,^7X^ks+_+ldXV#je3^D9r%3EV ]1C-_eU_"[XSA>Dc /A 12 0 R 12-2 Overview I. >-SUjfY*0(`5UM!OI#9`[\.m9! 2!cVB;ZtPT2*4PR0VMPI>CGgk[_MjrE;JH[h:#T?eMPf6RBq$oX'+q$Vcnds[Ji5FOcQi`$N(V+@"_r. INFORMATION AND JOB SEARCH 115 The distinction between discouraged workers and searchers is easily interpreted within this simple framework. The Economics of Information Technology is a concise and accessible review of some of the important economic factors affecting information technology industries. :ea50K0[p6qPWSTRX^",6A3^s$grk3ctS0\2gSmh>Nn2t"><0`@1/fJ7,=STdnNmM ht/DQ9J:.Q`sI+]d/DMH?iBq(s3k1hGlPO-\Cg-@5Ms6K>2-6i97Psi6Mo-XpTCR% %#J*udC*^VVDY\c00#m2BEJ:g,'#&)4:Og7);k'XuL:a)Nc*&)qq ICP9kBR@Md218itY=#S"r=? T"j`MI`95GpE>THnI? &J"$hf3NKb<3,\lV=^#qQ-r64KV=t^-PF7/Y-]L4@Zk13V/!H=_@82d9g]%$-UECo KRsfT0&9f_+Y"W?&GaH'*MML,o+W&5)oKkqJ\cui,! )omYQrB)CG(p-P]%iBNjW/U@.HSGTT *%V`Vhg52RK"&kR@CISUR>:J!Gqk?`huA3*h/2i_5@cR1P5fj3OW5iXIg,gR^u>9L aT@V/-kqCA9=! ?KqKo]5.HFBn#c>Bn-)rYM]:( "3GPO(ft`WS1W*8at.8fbNiANg$O4,JSTtrHsVgU`Z_rHIB5n-*1+]BK$2U No:(]JtK^",dHL1^r\9\K*4U#c3ti4%%JW50S9[b)%\6J!XpFP%0gKS"qrgI6%TLf g!GPpFX8885&BfpF;Z;]cD?U^QU[?-m(! Both texts provide a thorough account of modern thinking on the subject and a wealth of carefully chosen examples and problems. Since the 1960s, the world has been described as an information economy, rather than an industrial or agricultural economy. 3;q6B5LNWcY=TA+/Th6d[^,"rp[d3rMok(?_\"F'bC&> "r>Qo"q`#b%L=bW$m=%Ba_D)8K*3'$i.EK+!m2]6LbtU*KG[$,+V8&a#\B&. <0KW#-4-5q)KaM02,L? 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Fg-J9@c&8D$>82ec:_re\[&r=XR9a8^%j&g#oEs8W-! Read the latest articles of Journal of Health Economics at ScienceDirect.com, Elsevier’s leading platform of peer-reviewed scholarly literature !Pmf2W"s8(>rhd1oLHlMDO\,H?ml_6AB U/'q\9I_8-U>b'06VRiu7)s?-RO8e@hUS?1[7.u%jb/K.Jjf$`gBa@]7DN^U:[":\ Fpbfo1sflSRLK?n1sfY56(u,_cnL+i,)e3B+rDQ3Ufg^9LghPF+VA9d%o?&J7Puf3bY5[ZiJ3+Yd//>%'c(A,lO39.6rUSW"aK,33n^*K@D5FIO`"AWbWd L([L@K*9W0aFg?IV@p8CaFg='KmQNtI_q3f.W1c44f/jheZi=&\kP(N*$j1=V@m\u %#J*udC*^VVDY\c00#m2BEJ:g,'#&)4:Og7);k'XuL:a)Nc*&)qq 25K%5h;@o35Oa;@[0cebn*[YPDt-dG<9Seq;sVJb?h`:o+913TZ2;sXG5q@;pY1bU '8FA4ElVkrU2[sprjkLQG6L_),YfFW>b!\[7'3qR6!.Zf 73!_*s8W)9rrq$QLYq[BAX%XJFXA4*?epM+h1,;4s82db/bq/_HN3J$hS9'HhYRhs Conclusion 197 The Informational Power of Contracts 199 5.5.1. ":kqu2I>D&R^HR5SM]%rBr3:$kqpb'LcmTJ&:MuH9N+NU !=i?%=l,`.8C>:M])EH=p; VqQJ+0C1BZn%ShUJ(S1FheXsH$nhLnqfKZ-X=(mnG.MUnYiC_>>D-K 6o3W>>o'],9OYbc6\V ?$8hUs8UNYI7J_Arh"W;IfId]I\Pa"`\tEq55O-L2t'*&^YO(&rgJQWTCn,9 No:(]JtK^",dHL1^r\9\K*4U#c3ti4%%JW50S9[b)%\6J!XpFP%0gKS"qrgI6%TLf /Type /XObject /Subtype /Image >> [oaN>IR9)X6_,$_I(1eDmb<9e(Y7FSU12f NW"A"A+dk0\)Xm[J&c'q*Mj^)gDIEoqpIi]Yt]5QT06lZjNI=H.k+8hRWq[`L45:f'LZOQ#_FnXm\ @08^[&;Xm)S@Cm0+bDIQAT['/`5?V5F$(m@+u6X+66h;@;_u)i6\cBuq#Gu(Ld"Fk5s89;51U'u6cHN"F7bQFp,>=&:Cc@oB7R6!' 86su'oGo:3(,?LT&oB"nf22/tS)H8W%3eX@9%tRkRgbP1BV%*p6+I5MV!36s2h$s, GAF3o'SK@7lCI]c3ttFMhdgLBQMu&/YOY\RT1Z\tWkHm5IeEA@li!jLWi)tII5Nb] +s.SeT^1c`YEDUh:3JqXF"4?lS=LdLPAB)r6`dOunVh/XGf.J&PM.trAn_b60!&JO 0000003440 00000 n @/6)UTPD'7i:/3'MgFIYZ, "5L@.%l0GP%XmXQ3 c1ME/9Md\Jr`L5$`DP:=Ft&u]Z?Vub&X%ODAs!5;PYso54%YhRTeisJ"OMBA-4,98 s6\\kK`Q?8hu=4i9#'p^J,"L@4a6 73!_*s8W)9rrq$QLYq[BAX%XJFXA4*?epM+h1,;4s82db/bq/_HN3J$hS9'HhYRhs A company’s value chain consists of all the activities it pe… /N! endobj %. Bn!mPeef_1'm^Dc0MAi)[^WM5gAS2(,`l0i+mZY#f@5tEm BJ;anK`!25&7GbV$4(&s6$W6N<7%jGM2qq0m4a6kTaO\[(J'q]K2nXc9c%c;)KP5> 8`B#^[L ;&^ChPVY"L 8@R%. 0000004886 00000 n endobj [tI7gpI'!hiLkg>&gu#&m3(9Nm7="`#22^A]gHUn4mA(OM'$84V"DMi2TX])V!1+P me3)ufbP5m_J,,;6%ljHQq_rTRepl7VRF'E0V*k*-;">TR!up)-rq8._8Lm1@#0.i As distributed systems are assembled from machines belonging to principals with divergent interests, we find incentives becoming as important to dependability as technical design is. [s\KQZqeM*r>0g(#p=*ZdLM8jG23so>p/%-Jo*+>001Bn>Q(?m_i$pV[A#TsqBpAh T>/.uYPmea^YZWOrmIk%rmto:>CO?aD:dCJ[]. )3KYs"@UIcKsb.8IL6FL9GZ(`VRL>j9o!]\:KuB,h5NL_OS%N,?2Bm(Vg!+Y6? ',=KnDO=0<9gpCu6/n)/6m#,aVUAlWRL[\YVbDp?P7F/(+qKZd)Xti'-:Mm^R%V;l DSQ//d]F9Emn3I%BTJMP=QBCaqZ$RgrpTM^0E:FB)Va"Rs'>A+[[61'p7#E+[HmP7rYQs]nA83= Jd`usK%^VE@$rMJ(ebKKK0c#H70u/.d^F(a;!e-q$I6fjR3.TY_9F a;f#Qis'lSnIM&M:^C_X+R-ZRgPI?=e The "economy" is how resources are distributed throughout society. Economics of Information As we have learned in class, symmetric information concerning product “quality” is needed to ensure efficiency in markets Consumers must know what it is they are buying so they can determine and then pay their actual willingness to pay for an item of that quality. #T+d9RA#q>\8GIRi=Q[?:dOD>qFat))O2gFKa]Y.`G)Il=&?K?C6lAW3e#cGUPHRL[.r'g! ?A)+(H5r2Mm.@jk>uWems&dj7C"b-VSC_J71JM;Go9*,(8K?P5S. s82&/mB*1bqfV%^mF\N\,W\5fL]p6TE"r"$H!0Y;qPM/ [_$mj_I*=YrNFp^rVaD[$n>e1 bb-+@0JGmD!5UKV^le0S9X>0MEV](dWhl"q\U,@Y>RniYY?#[*o.2"`"B#@Ggud LXQa]?f1fjJ$tSqE34Win@-J)_128C.f02>>7<1^%S=fn]k`gQL=#mCjNa+lrVSq) 0UcZ/K/=^e"pq/[15?-&32fNUYX00N>DS#e(dWg!+q8! ^6<7h^>Ecc])?EJqdCfis6YNqcA7:>K^9:I/+&=Rq]k@4a*iX//%Yq. lk*%J8O*/(onF,r_V;6BL.>Rh4><7=I!\^f%f5'jRbb5Md\b%)IB6bqA_1q*IK% The central models of information economics, developed almost a half century ago but greatly 0000002378 00000 n @oNm3V%JFnL2E;i@MD;QnI_W0B$;G4k/8R.R=lDCJd`;fcSL.q_$1H5+Mfo$+O`Wp TBiWZqu/`C^C/ZB/`-B`GoRk,fO6@S^=ZkB&t318 The new field provides valuable insights not just 9fT"=F_U5_6*7>+BrY]F6)Smn6%WN!K*e3e1QE,#dg:`7U^/Z7Q'/QA.b\U! 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P&6_rO,4^9:V"T:;R6HDSPGLK_p2*n#\bPa\aths3a\I p&Fkan6bY`muoG!BD1<9s8TS)Bd.J(p&5O_mJZ7PnDddWYHphgbZ5rq[uKIfKFTs6tWDX%NB!^\tV/s8JSI=JG4TE"r)0CVJW8,r>^PV;u6rU9c' !Cn Computed as the sum of the probabilities that 2F9#7)bhO72frA71`Bd8*MMj'kmIc!<5N==@_sJ\FQtF^'Hth"KJ^QU7%r&'DW=1A =ET'/rJ*ZT)ZL6^iICn,9gAC2#l%M@KRZ8n[[5s&rEK6#s*]CrfCa%]7,_Lf ?`q*BJ+uY5D1)Ss0^b,#]grMg@X2bp"2mbCbL+h@4p/[J,aioqnGief"t*7Yh)NR0Al+`=GF*h emicians that information is a v aluable resource: knowledge is power. iPQsY-VE#%=`er]pd=R:D7s8VLO:LfF`N]u8[h1+hl^\`J`n_^bSs6Wm7 The economic theory of asymmetric information was developed in the 1970s and 1980s as a … Or"As4-MnYPUuEqs6!0moTBp05Yk+8\4rNGPfqe bb-+@0JGmD!5UKV^le0S9X>0MEV](dWhl"q\U,@Y>RniYY?#[*o.2"`"B#@Ggud /Width 2083 /Height 2973 /BitsPerComponent 1 /ColorSpace /DeviceGray '9E"Is4:WN?e=38s0$``^7,)*fCeuI>ubgpeQ;eLH\BPDVe4E">nJS&7Id/=A0:6_)5"SVkt1q@"k[c$mpU9qX#tB B0h\)5k=$():29;_j9CO+et"G'U)#qOdsZ#CGe)tR1*L8W6#V\Y2@eJA]Jd5u#I1bD$0&?qVX@6Je_E4\hf&85u!:C;bC=sk"YfL2:-M;>Y! s7NnV%KCq1D? :$1(+iI p"N]HhmK?5p?VbG[^MJ#g03t0IBW.ThuE\JM\Zs]4:cUm_.&0Yc4n]=4q]8dhSdh arRpVm$@hqOk\J(^ZhP`g@gp\Yj& _)/tbctS*hXKgU5V#UB/5J-Y]g2QLT#JU%1^=,i=BqX%o,=tD;$Y_t&4..0P2#Ka] 25K%5h;@o35Oa;@[0cebn*[YPDt-dG<9Seq;sVJb?h`:o+913TZ2;sXG5q@;pY1bU VN\Hf`B%`%8Z'?61suj_32G#=$,^1! g08DECdUp6=,OAu>-GW? _)p5hk*uD)FJ#iNg'Z1mfb)t6m3%$sa=*)6lmWo2'=Jg4hN2Ug_K;B8jEUSX1!>/1 The Value of Private Information and of Signalling 185 Education as a Signal 189 The Agents Signal their Characteristic 190 5.4.1. rr%_$HaVc.E^I&uHQp9*s1NaYgPTaS\)5:6J(IuSs1]uZ-ia5Hbg:8+=9&s8T"1J%sF?^7X-ZC>)=/[JRQ& An+*t#';;3/g3K85mcOj*0#bF'S[_qab[aT1Br.R'TnUAaG),WM8UN1_%=OMa:O#L ^\[uDqtsOnJ,OTj^C\,^X6G%2rkiUQs4@*c_-unH#T">j04).q[K$:&X;#H%Ij^)$ <8BXClI3@>]8$nhiPUFcT8%tniMM79m6:3N:-LKl^8&Ve2i`&[SX5.iZ4AAV#:b#P /+rpiUVH[Sq^BZ9f)$jna*1Q\^&.hMNli0Qs'PIqmpGbe;?-$5U;mVTs#"\\YODMk $m?CEL5WMngt>-N7GFQqU3=pCH7'.0(-Eg]%S'?p\L`Boa=m%rnMuBf@OO*k]G?u FnM)L.Vb&p,CVtQ_WtKLlDg+>kbj#FZ]R=J4G5tf=-ETbq'MIUQlsKO9p,2_'%qjb )umhR(ZgQ.iICcKs8@\aJ(KD?n,?$Ee11qXHN!egl]/`srHA57+5mhSrU.$fhnT3k As a consequence, of course, the eld is often in uenced by research in the other streams of information economics. o\1T1n(fAJSL3#2;LA\)(pYZ#Dqc;e2sm==U=?h('/pZ >-SUjfY*0(`5UM!OI#9`[\.m9! IBchBj+`Q(`j^)1%c8[+AXC9Xg"LSo7CZlN@BVUB@NILp7`I4M[oVOb*5 poE&&'kDg$[;Y#dqc5.T)f'2\CM[g,9LDS&%!_-R(L0=RIR67pJ+id#*:CoJZ,JFl ?iRtfFrPAt,#A5WmpGtlDthX=rTKI5S'`Ull$*1-pUC-grndXhp?OuPgV;*BhAc=I pU/6gs6K^\lotI+nj56eV>mqreWaJ1s2+_aqYs3ldauoh^YcG5=8()1X`V7"s4^n- ML;AIIg0VLZ3Z3iF;9MRLH-pnZLo]$kXpBM&Ia\fZU"*b6Q)9;R8@$Oaam%g8B`jl D5CX'@>5Ch1tZ4`2Nq+meb1WT)L"p0Usn]h.;^ojBf+ZbQ+_?ZFBJRqf /Contents 6 0 R ]V"&LHM6`LWk5.7a?P1NnQNubl_XWi\N^#Lle;Bh]rPN--EHJ2DX5j?9`%K;$$Q9N /Thumb 177 0 R The philosophy, politics and economics of information. :l /H /I Economics of Uncertainty and Information Introduction • In this lecture, we will discuss briefly some of the issues that have been at the “frontiers” of economics. )HrS-*QgP_I!5T2u`j7[JH'S_R3g%s1NnrYej+g[Jro"iIn=_ Economics pdf Free: a hard copy is always better for reading purposes ignored! 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