Chapter

Information

James Bergin

in Microeconomic Theory

Published in print May 2005 | ISBN: 9780199280292
Published online July 2005 | e-ISBN: 9780191602498 | DOI: http://dx.doi.org/10.1093/0199280290.003.0012
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Discusses models of information. Blackwells theorem in garbling and the value of information is proved. Monotonicity of decisions in signals is considered and related to supermodularity of the pay-off function and monotone likelihood ratio. Rational expectations equilibrium is discussed and existence of rational expectations equilibrium considered. Finally, equilibrium in abstract games of incomplete information is considered.

Keywords: garbling; information structures; mean preserving spreads; rational expectations; speculation and information; sufficiency; value of information

Chapter.  14387 words.  Illustrated.

Subjects: Microeconomics

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