Publisher's Synopsis
During the 1970s and 1980s there has been an explosion of research in the economics of information. Problems of imperfect and asymmetric information have created new roles for incentives to influence the behaviour of economic agents, and this has led researchers to study many new and exciting issues of organizational decision-making and design. This collection of articles analyzes the consequences of incomplete information. The first part looks at various problems arising in markets and other organizations such as contracting and monitoring practices, moral hazard, public sector decision-making and market contexts. The second part focuses on incentive and information problems connected with workers and firms, considering human capital and labour contracting, profit-sharing and teams, unemployment insurance and wage discrimination.
