312084 Information Structures and Risk Allocation in Competitive Economies (V) (SoSe 2003)

This lecture looks at the role of public information for individual decision making and for the properties of competitive equilibria. We will define a rigorous concept of information system which allows various characterizations in terms of economically meaningful criteria. The lecture focuses, among other things, on the value of information in terms of economic welfare and on the role of information for the equilibrium risk allocation and economic growth. We will also address specific topics such as insurance and capital markets.

Teilnahmevoraussetzungen, notwendige Vorkenntnisse

This lecture will be held in English.

Literaturangaben

J. Hirschleifer & J.G. Riley (1994): The Analytics of Uncertainty and Information, Cambridge University Press.

J.J. Laffont (1993): The Economics of Uncertainty and Information.