Limited Observability

نویسندگان

  • Stefan Krasa
  • Steven R. Williams
چکیده

Limited observability is the assumption that economic agents can only observe a finite amount of information. Given this constraint, contracts among agents are necessarily finite and incomplete in comparison to the ideal complete contract that we model as infinite in detail. We consider the extent that finite contracts can approximate the idealized complete contracts. The objectives of the paper are: (i) to identify properties of agents’ preferences that determine whether or not finiteness of contracts causes significant inefficiency; (ii) to evaluate the performance of finite contracts against the ideal optimal contract in a bilateral bargaining model.

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Social Learning with Payoff Externality: Why Some Learn While Others Do Not

This paper studies a model of social learning with externalities and possibly with limited observability of past actions. Bayesian agents sequentially choose an action each, after observing the actions of a subset of preceding agents. These actions and a private signal, conditionally independent across agents, supply information about the common state of the world. Each agent’s payoff depends o...

متن کامل

Optimal observability in a linear income tax

We study the optimal observability of the tax base within the standard linear income tax problem, where observability is determined by the government’s investment into the accurate measurement of the tax base. We characterize the optimal level of observability and derive a new expression for the optimal progressivity, which – in addition to the standard equity efficiency trade-off – accounts fo...

متن کامل

Rcd Rules and Power Systems Observability

Power system state estimation is a process to find the bus voltage magnitudes and phase angles at every bus based on a given measurement set. The state estimation convergency is related to the sufficiency of the measurement set. Observability analysis actually tests this kind of problem and guarantees the state estimation accuracy. A new and useful algorithm is proposed and applied in this pape...

متن کامل

ON CONTROLLABILITY AND OBSERVABILITY OF FUZZY CONTROL SYSTEMS

In order to more effectively cope with the real world problems of vagueness, imprecise and subjectivity, fuzzy event systems were proposed recently. In this paper, we investigate the controllability and the observability property of two systems that one of them has fuzzy variables and the other one has fuzzy coefficients and fuzzy variables (fully fuzzy system). Also, sufficient conditions for ...

متن کامل

Discrimination in festival games with limited observability and accessibility

This paper provides an analysis of discrimination and prejudices from the perspective of inductive game theory. We extend the festival game, originally given by Kaneko–Matsui, to include new constraints on the observability of ethnic identities and on accessible locations for players. We characterize the Nash equilibrium set, which reveals a different variety of segregation patterns and discrim...

متن کامل

Path Planning to Optimize Wind Observability in a Planar Uniform Flow Field

This paper is concerned with path planning for under-sensed vehicles, where the vehicle has insufficient sensors to estimate its state without active control. One such system is an autonomous underwater vehicle, which typically does not have complete inertial position information. Using the condition number of the observability gramian as a cost functional, we develop an observability optimal c...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

عنوان ژورنال:

دوره   شماره 

صفحات  -

تاریخ انتشار 2003