Book Description

The economic landscape of today recognizes a rich and diverse array of private information including information about product and resource quality, technological opportunities, effort levels, productivity and individual preferences. The literature on information is closely tied to that on uncertainty, for without uncertainty there can be no new information with strategic value. This major reference collection - prepared by leading economists in the field - traces the origins of the subject as it developed in the 1960s, expanded in the 1970s using the search framework and then exploded in the 1980s with the use of game theory. The economics of information is now an important part of all sub-divisions of economic science. This volume makes a single contribution by presenting in an accessible form the most important articles and papers in this vibrant and exciting area of the subject.