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Recent Developments in the Economics of Information
This volume presents a compilation of key papers chronicling the evolution of the economics of information into the economics of knowledge. It traces the unfolding of the fertile ambiguity and ambivalence of the notion of information with the identification and eventual separation of its two basic, quite distinct meanings: knowledge and signals. It documents the progressive understanding that it is not only necessary to search, screen and understand signals, but also to assess and select them so as to distinguish between true, false and fake ones. The capability to process signals and transform them into actual information stems from the stock of competence and knowledge that individuals and organizations possess and mobilize. Together with an original introduction by the editor, this collection will be an indispensable research tool for economists and scholars alike.
More Information
Contributors
Contents
More Information
This volume presents a compilation of key papers chronicling the evolution of the economics of information into the economics of knowledge. It traces the unfolding of the fertile ambiguity and ambivalence of the notion of information with the identification and eventual separation of its two basic, quite distinct meanings: knowledge and signals. It documents the progressive understanding that it is not only necessary to search, screen and understand signals, but also to assess and select them so as to distinguish between true, false and fake ones. The capability to process signals and transform them into actual information stems from the stock of competence and knowledge that individuals and organizations possess and mobilize. Together with an original introduction by the editor, this collection will be an indispensable research tool for economists and scholars alike.
Contributors
33 articles, dating from 1969 to 2015
Contributors include: G.A. Akerlof, K.J. Arrow, M. Dewatripont, L. Garicano, M.O. Jackson, A. Kirman, L. Samuelson, M. Spence, J.E. Stiglitz, J. Tirole
Contributors include: G.A. Akerlof, K.J. Arrow, M. Dewatripont, L. Garicano, M.O. Jackson, A. Kirman, L. Samuelson, M. Spence, J.E. Stiglitz, J. Tirole
Contents
Contents:
Acknowledgements
Introduction From the Economics of Information to the Economics of Knowledge
Cristiano Antonelli
PART I THE STATE OF THE ART
1. Michael Spence (2002), ‘Signaling in Retrospect and the Informational Structure of Markets’, American Economic Review, 92 (3), June, 434–59
2. George A. Akerlof (2002), ’Behavioral Macroeconomics and Macroeconomic Behavior’, American Economic Review, 92 (3), June, 411–33
3. Joseph E. Stiglitz (2002), ‘Information and the Change in the Paradigm in Economics’, American Economic Review, 92 (3), June, 460–501
PART II APPLICATIONS AND EXTENSIONS
4. John G. Riley (2001), ‘Silver Signals: Twenty-Five Years of Screening and Signaling’, Journal of Economic Literature, XXXIX (2), June, 432–78
5. Kenneth J. Arrow (1996), ‘The Economics of Information: An Exposition’, Empirica, 23 (2), June, 119–28
6. W. Bentley MacLeod (2007), ‘Reputations, Relationships, and Contract Enforcement’, Journal of Economic Literature, XLV (3), September, 595–628
7. Bengt Holmström (1999), ‘Managerial Incentive Problems: A Dynamic Perspective’, Review of Economic Studies, Special Issue: Contracts, 66 (1), January, 169–82
8. Jeffrey C. Ely and Juuso Välimäki (2003), ‘Bad Reputation’, Quarterly Journal of Economics, CXVIII (3), August, 785–814
9. Johannes Hörner (2002), ‘Reputation and Competition’, American Economic Review, 92 (3), June, 644–63
10. Mathias Dewatripont and Jean Tirole (2005), ‘Modes of Communication’, Journal of Political Economy, 113 (6), December, 1217–38
11. Richard Rogerson, Robert Shimer and Randall Wright (2005), ‘Search-Theoretic Models of the Labor Market: A Survey’, Journal of Economic Literature, XLIII (4), December, 959–88
12. Dean Karlan, Markus Mobius, Tanya Rosenblat and Adam Szeidl (2009), ‘Trust and Social Collateral’, Quarterly Journal of Economics, 124 (3), August, 1307–61
13. Abhijit V. Banerjee (1992), ‘A Simple Model of Herd Behavior’, Quarterly Journal of Economics, CVII (3), August, 797–817
14. Yannis M. Ioannides and Linda Datcher Loury (2004), ‘Job Information Networks, Neighborhood Effects, and Inequality’, Journal of Economic Literature, XLII (4), December, 1056–93
15. Matthew O. Jackson (2014), ‘Networks in the Understanding of Economic Behaviors’, Journal of Economic Perspectives, 28 (4), Fall, 3–22
16. H. Peyton Young (2009), ‘Innovation Diffusion in Heterogeneous Populations: Contagion, Social Influence, and Social Learning’, American Economic Review, 99 (5), December, 1899–924
17. Sushil Bikhchandani, David Hirshleifer and Ivo Welch (1992), ‘A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades’, Journal of Political Economy, 100 (5), October, 992–1026
18. Roland Benabou and Guy Laroque (1992), ‘Using Privileged Information to Manipulate Markets: Insiders, Gurus, and Credibility’, Quarterly Journal of Economics, CVII (3), August, 921–58
PART III TOWARDS THE ECONOMICS OF KNOWLEDGE
19. Joseph E. Stiglitz (2000), ‘The Contributions of the Economics of Information to Twentieth Century Economics’, Quarterly Journal of Economics, 115 (4), November, 1441–78
20. Kenneth J. Arrow (1969), ‘Classificatory Notes on the Production and Transmission of Technological Knowledge’, American Economic Review: Papers and Proceedings, 59 (2), May, 29–35
21. Larry Samuelson (2004), ‘Modeling Knowledge in Economic Analysis’, Journal of Economic Literature, XLII (2), June, 367–403
22. Bo Carlsson and Gunnar Eliasson (1994), ‘The Nature and Importance of Economic Competence’, Industrial and Corporate Change, 3 (3), 687–711
23. Patrick Bolton and Mathias Dewatripont (1994), ‘The Firm as a Communication Network’, Quarterly Journal of Economics, CIX (4), November, 809–39
24. Luis Garicano (2000), ‘Hierarchies and the Organization of Knowledge in Production’, Journal of Political Economy, 108 (5), October, 874–904
25. Alice Lam (2000), ‘Tacit Knowledge, Organizational Learning and Societal Institutions: An Integrated Framework’, Organization Studies, 21 (3), May, 487–513
26. Luis Garicano and Yanhui Wu (2012), ‘Knowledge, Communication, and Organizational Capabilities’, Organization Science, 23 (5), September–October, 1382–97
27. Robin Cowan and Nicolas Jonard (2004), ‘Network Structure and the Diffusion of Knowledge’, Journal of Economic Dynamics and Control, 28 (8), June, 1557–75
28. Richard Blundell and Thomas M. Stoker (2005), ‘Heterogeneity and Aggregation’, Journal of Economic Literature, XLIII (2), June, 347–91
29. Simon Loertscher, Leslie M. Marx and Tom Wilkening (2015), ‘A Long Way Coming: Designing Centralized Markets with Privately Informed Buyers and Sellers’, Journal of Economic Literature, 53 (4), December, 857–97
30. Simone Landini, Mauro Gallegati and Joseph E. Stiglitz (2015), ‘Economies with Heterogeneous Interacting Learning Agents’, Journal of Economic Interaction and Coordination: Special Issue in Honor of Masanao Aoki, 10 (1), April, 91–118
31. Alan Kirman (1997), ‘The Economy as an Evolving Network’, Journal of Evolutionary Economics, 7 (4), December, 339–53
32. Alan Kirman (2011), ‘Learning in Agent-based Models’, Eastern Economic Journal: Symposium on Agent-based Computational Economics, 37 (1), Winter, 20–27
33. David Colander, Peter Howitt, Alan Kirman, Axel Leijonhufvud and Perry Mehrling (2008), ‘Beyond DSGE Models: Toward an Empirically Based Macroeconomics’, American Economic Review: Papers and Proceedings, 98 (2), May, 236–40
Index
Acknowledgements
Introduction From the Economics of Information to the Economics of Knowledge
Cristiano Antonelli
PART I THE STATE OF THE ART
1. Michael Spence (2002), ‘Signaling in Retrospect and the Informational Structure of Markets’, American Economic Review, 92 (3), June, 434–59
2. George A. Akerlof (2002), ’Behavioral Macroeconomics and Macroeconomic Behavior’, American Economic Review, 92 (3), June, 411–33
3. Joseph E. Stiglitz (2002), ‘Information and the Change in the Paradigm in Economics’, American Economic Review, 92 (3), June, 460–501
PART II APPLICATIONS AND EXTENSIONS
4. John G. Riley (2001), ‘Silver Signals: Twenty-Five Years of Screening and Signaling’, Journal of Economic Literature, XXXIX (2), June, 432–78
5. Kenneth J. Arrow (1996), ‘The Economics of Information: An Exposition’, Empirica, 23 (2), June, 119–28
6. W. Bentley MacLeod (2007), ‘Reputations, Relationships, and Contract Enforcement’, Journal of Economic Literature, XLV (3), September, 595–628
7. Bengt Holmström (1999), ‘Managerial Incentive Problems: A Dynamic Perspective’, Review of Economic Studies, Special Issue: Contracts, 66 (1), January, 169–82
8. Jeffrey C. Ely and Juuso Välimäki (2003), ‘Bad Reputation’, Quarterly Journal of Economics, CXVIII (3), August, 785–814
9. Johannes Hörner (2002), ‘Reputation and Competition’, American Economic Review, 92 (3), June, 644–63
10. Mathias Dewatripont and Jean Tirole (2005), ‘Modes of Communication’, Journal of Political Economy, 113 (6), December, 1217–38
11. Richard Rogerson, Robert Shimer and Randall Wright (2005), ‘Search-Theoretic Models of the Labor Market: A Survey’, Journal of Economic Literature, XLIII (4), December, 959–88
12. Dean Karlan, Markus Mobius, Tanya Rosenblat and Adam Szeidl (2009), ‘Trust and Social Collateral’, Quarterly Journal of Economics, 124 (3), August, 1307–61
13. Abhijit V. Banerjee (1992), ‘A Simple Model of Herd Behavior’, Quarterly Journal of Economics, CVII (3), August, 797–817
14. Yannis M. Ioannides and Linda Datcher Loury (2004), ‘Job Information Networks, Neighborhood Effects, and Inequality’, Journal of Economic Literature, XLII (4), December, 1056–93
15. Matthew O. Jackson (2014), ‘Networks in the Understanding of Economic Behaviors’, Journal of Economic Perspectives, 28 (4), Fall, 3–22
16. H. Peyton Young (2009), ‘Innovation Diffusion in Heterogeneous Populations: Contagion, Social Influence, and Social Learning’, American Economic Review, 99 (5), December, 1899–924
17. Sushil Bikhchandani, David Hirshleifer and Ivo Welch (1992), ‘A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades’, Journal of Political Economy, 100 (5), October, 992–1026
18. Roland Benabou and Guy Laroque (1992), ‘Using Privileged Information to Manipulate Markets: Insiders, Gurus, and Credibility’, Quarterly Journal of Economics, CVII (3), August, 921–58
PART III TOWARDS THE ECONOMICS OF KNOWLEDGE
19. Joseph E. Stiglitz (2000), ‘The Contributions of the Economics of Information to Twentieth Century Economics’, Quarterly Journal of Economics, 115 (4), November, 1441–78
20. Kenneth J. Arrow (1969), ‘Classificatory Notes on the Production and Transmission of Technological Knowledge’, American Economic Review: Papers and Proceedings, 59 (2), May, 29–35
21. Larry Samuelson (2004), ‘Modeling Knowledge in Economic Analysis’, Journal of Economic Literature, XLII (2), June, 367–403
22. Bo Carlsson and Gunnar Eliasson (1994), ‘The Nature and Importance of Economic Competence’, Industrial and Corporate Change, 3 (3), 687–711
23. Patrick Bolton and Mathias Dewatripont (1994), ‘The Firm as a Communication Network’, Quarterly Journal of Economics, CIX (4), November, 809–39
24. Luis Garicano (2000), ‘Hierarchies and the Organization of Knowledge in Production’, Journal of Political Economy, 108 (5), October, 874–904
25. Alice Lam (2000), ‘Tacit Knowledge, Organizational Learning and Societal Institutions: An Integrated Framework’, Organization Studies, 21 (3), May, 487–513
26. Luis Garicano and Yanhui Wu (2012), ‘Knowledge, Communication, and Organizational Capabilities’, Organization Science, 23 (5), September–October, 1382–97
27. Robin Cowan and Nicolas Jonard (2004), ‘Network Structure and the Diffusion of Knowledge’, Journal of Economic Dynamics and Control, 28 (8), June, 1557–75
28. Richard Blundell and Thomas M. Stoker (2005), ‘Heterogeneity and Aggregation’, Journal of Economic Literature, XLIII (2), June, 347–91
29. Simon Loertscher, Leslie M. Marx and Tom Wilkening (2015), ‘A Long Way Coming: Designing Centralized Markets with Privately Informed Buyers and Sellers’, Journal of Economic Literature, 53 (4), December, 857–97
30. Simone Landini, Mauro Gallegati and Joseph E. Stiglitz (2015), ‘Economies with Heterogeneous Interacting Learning Agents’, Journal of Economic Interaction and Coordination: Special Issue in Honor of Masanao Aoki, 10 (1), April, 91–118
31. Alan Kirman (1997), ‘The Economy as an Evolving Network’, Journal of Evolutionary Economics, 7 (4), December, 339–53
32. Alan Kirman (2011), ‘Learning in Agent-based Models’, Eastern Economic Journal: Symposium on Agent-based Computational Economics, 37 (1), Winter, 20–27
33. David Colander, Peter Howitt, Alan Kirman, Axel Leijonhufvud and Perry Mehrling (2008), ‘Beyond DSGE Models: Toward an Empirically Based Macroeconomics’, American Economic Review: Papers and Proceedings, 98 (2), May, 236–40
Index
