Information Economics 1st Edition by Urs Birchler, Monika Bütler 0415373468 9780415373463

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ISBN 10: 0415373468 

ISBN 13: 9780415373463

Author: Urs Birchler, Monika Bütler

This new text book by Urs Birchler and Monika Butler is an introduction to the study of how information affects economic relations. The authors provide a narrative treatment of the more formal concepts of Information Economics, using easy to understand and lively illustrations from film and literature and nutshell examples. The book first covers the economics of information in a ‘man versus nature’ context, explaining basic concepts like rational updating or the value of information. Then in a ‘man versus man’ setting, Birchler and Butler describe strategic issues in the use of information: the make-buy-or-copy decision, the working and failure of markets and the important role of outguessing each other in a macroeconomic context. It closes with a ‘man versus himself’ perspective, focusing on information management within the individual. This book also comes with a supporting website (www.alicebob.info), maintained by the authors.

Table of contents:

1 Why study information economics?

2 How to use this book

2A The purpose of the book

2B Ways of reading the book

2C The structure of the book

2D Using the book for teaching

2E Solutions to problem sets and other supporting material

PART I Information as an economic good

3 What is information?

3A Introduction

3B Main ideas: The strangest good of all

3C Theory: Describing, comparing and updating information

3D Conclusions and further reading

3E Problem sets: Medical and financial testing

4 The value of information

4A Introduction

4B Main ideas: The source(s) of information value

4C Theory: Knowledge is power

4D Application: The resolution of uncertainty

4E Application: The informational cost of mediocrity

4F Conclusions and further reading

4G Problem sets: Precious advice

5 The optimal amount of information

5A Introduction

5B Main ideas: Is it worth the cost?

5C Theory: Deciding at the margin

5D Application: The central bank’s inflation forecast

5E Application: Search

5F Conclusions and further reading

5G Problem sets: Paying, searching, and waiting for information

6 The production of information

6A Introduction

6B Main Ideas: Too little research or too much?

6C Theory: The incentive to innovate

6D Application: Creative destruction

6E Application: Rating agencies

6F Application: Why are banks supervised?

6G Conclusions and further reading

6H Problem sets: Produce or copy—sell or give away?

PART II How the market aggregates information

7 From information to prices

7A Introduction

7B Main ideas: Revealing information through prices

7C Theory: The market as an information processor

7D Application: Terrorism futures and prediction markets

7E Application: Should bank supervisors look at market prices?

7F Conclusions and further reading

7G Problem sets: Two heads know more than one

8 Knowing facts or reading thoughts?

8A Introduction

8B Main ideas: Fundamental versus strategic uncertainty

8C Theory: Higher-order information

8D Application: Keynes in the lab

8E Application: Conformism and learning from debate

8F Application: Betrayals and mediation

8G Conclusions and further reading

8H Problem sets: The art of outguessing others

9 Coordination problems

9A Introduction

9B Main ideas: Red or white?

9C Theory: Coordination and multiple equilibria

9D Application: Bank runs

9E Conclusions and further reading

9F Problem sets: “Should I stay or should I go?”

10 Learning and cascades

10A Introduction

10B Main ideas: “Always stand at the longest queue.”

10C Theory: Observational learning

10D Application: Learning in repeated games

10E Conclusions and further reading

10F Problem sets: A bath in the crowd

11 The macroeconomics of information

11A Introduction

11B Main ideas: Who acquires information and why?

11C Theory: Information is imperfect and costly

11D Application: Central bank transparency

11E Conclusions and further reading

11F Problem sets: As time goes by

PART III Asymmetric information

12 The winner’s curse

12A Introduction

12B Main ideas: How to lose by winning

12C Theory: The importance of conditional expectations

12D Application: The underpricing of IPOs

12E Application: Prices and the winner’s curse

12F Conclusions and further reading

12G Problem sets: Cursing winners

13 Information and selection

13A Introduction

13B Main ideas: When information prevents trading

13C Theory: The market for lemons

13D Application: The insurance destruction effect

13E Application: Annuities

13F Conclusions and further reading

13G Problem sets: Buying the cat in a bag

14 Optimal contracts

14A Introduction

14B Main ideas: The economic lie detector

14C Theory: Optimal contracts

14D Application: Price–quality discrimination

14E Application: Subordinated debt

14F Conclusions and further reading

14G Problem sets: Deal or no deal?

15 The revelation principle

15A Introduction

15B Main ideas: Many lies, one truth

15C Theory: The revelation principle

15D Application: The debt contract

15E Application: Auctions

15F Application: Why Enron should not have happened

15G Conclusions and further reading

15H Problem sets: Know your value

16 Creating incentives

16A Introduction

16B Main ideas: Delegation and moral hazard

16C Theory: Incentive contracts

16D Application: Bank deposit insurance and risk taking

16E Application: Credence goods

16F Conclusions and further reading

16G Problem sets: Getting things done

PART IV The economics of self-knowledge

17 Me, Myself, and I

17A Introduction

17B Main ideas: Contracting with oneself

17C Theory: Intertemporal choice and self-management

17D Application: Soft paternalism

17E Conclusions and further reading

17F Problem sets: Tomorrow I will

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Tags: Urs Birchler, Monika Bütler, Information, Economics