ECON 137 Information and Incentives

Effective decision models consider a decision maker’s alternatives, information and preferences. The construction of such models in single-party situations with emphasis on the role of information. The course then evolves to two-party decision situations where one party has more information than the other. The general structure of such problems and the design of contracts to create compatible incentives between the parties. Situations involving bidding, asymmetric information, moral hazard and adverse selection with a variety of applications. Prerequisite: 51

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