منابع مشابه
Overeducation, Job Competition and Unemployment
The changing wage and employment structure in some OECD countries has been attributed to increased levels of education and technical change in favour of skilled workers. However, in the Netherlands and some other OECD countries the wages of skilled workers did not rise, whereas investment in skills rose dramatically. This paper offers a theory which is able to explain the dramatic increase in t...
متن کاملAsymmetric Information and Rationalizability
We study how asymmetric information affects the set of rationalizable solutions in a linear setup where the outcome is determined by forecasts about this same outcome. The unique rational expectations equilibrium is also the unique rationalizable solution when the sensitivity of the outcome to agents’ forecasts is less than one, provided that this sensitivity is common knowledge. Relaxing this ...
متن کاملAmbiguity and Asymmetric Information
The theoretical literature has found that advantageous selection could be observed in equilibrium when there is multi-dimensional heterogeneity of customers or both hidden action and hidden information are employed. This paper proposes a third approach for advantageous selection. Based on the classic Rothschild and Stiglitz (1976) model, we consider ambiguity-averse individuals who face a gener...
متن کاملExternalities and Asymmetric Information*
A reconsideration of the Pigovian theory of regulating externalities via taxation is undertaken for environments with private information. The presence of private information may have no effect on the social optimum; but when it has an impact, it is to cause a group of different agents to share the same production or consumption levels. The model developed provides an appealing characterization...
متن کاملPartial and Asymmetric Information
This is a preliminary and incomplete version of a manuscript to be prepared for the CIME-EMS Summer School on Stochastic Methods in Finance, July, 2003. Please do not quote or distribute.
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ژورنال
عنوان ژورنال: The B.E. Journal of Economic Analysis & Policy
سال: 2012
ISSN: 1935-1682
DOI: 10.1515/1935-1682.3259