|Generate QR code
Open Access
Subscription Access
Economics of Information: The New Paradigm and Its Limits
https://doi.org/10.32609/0042-8736-2005-10-4-24
Abstract
The article considers historical development and scientific achievements of informational approach in economic theory. The author’s research is devoted to different versions of economic analysis using theory of asymmetric information. Positive and normative contradictions emerging from differences between economics of information and neoclassical theory are examined. Special attention is paid to internal problems of the new paradigm as well as to the role of state-governed economic policy based on theoretical implications of informational approach.
References
1. Акерлоф Дж. Рынок «лимонов»: неопределенность качества и рыночный механизм // THESIS, 1994. вып. 6, с. 91-104.
2. Кейнс Дж.М. Общая теория занятости, процента и денег. Избранные произведения. М.: Экономика, 1993.
3. Akerlof G. Behavioral Macroeconomics and Macroeconomic Behavior // American Economic Review, 2002, vol. 92, No 3.
4. Akerlof G., Yellen J. Can Small Deviations from Rationality Make Significant Difference to Economic Equilibria? // American Economic Review, 1985, vol. 75, No 4, p. 708-720.
5. Arnott R., Stiglitz J. Moral Hazard and Non-Market Institutions: Dysfunctional Crowding Out or Peer Monitoring? // American Economic Review, 1991, vol. 81, No 1, p. 179-190.
6. de Groot A. Thought and Choice in Chess. La Haye, Mouton, 1965.
7. Diamond P. A Model of Price Adjustment // Journal of Economic Theory, 1971, vol. 3, No 2, p. 156-168.
8. Ezekiel M. The Cobweb Theorem // Quarterly Journal of Economics, 1937-1938, vol. 52, No 1.
9. Greenwald B., Stiglitz J. Asymmetric Information and the New Theory of the Firm: Constraints and Risk Behavior // American Economic Review, 1990, vol. 80, No 2, Papers and Proceedings, p. 160-165.
10. Hay J., Shleifer A., Vishny R. Toward a Theory of Legal Reform // European Economic Review, 1997, vol. 40, No 3-5, p. 564.
11. Hayek F. Collectivist Economic Planning, L., Routledge, 1935.
12. Hooker S. Not Much of an Engineer. Airlife Publishing, Shrewsbury, 1984.
13. Keynes J.M. The General Theory and After, Part II, Defence and Development. Collected Writings, vol. XIV, London , Macmillan, 1973.
14. Kuh E., Meyer J.. The Investment Decision: An Empirical Study. Cambridge, Mass., Harvard University Press, 1957.
15. Latour B., Woolgar S. Laboratory Life: the Construction of Scientific Facts. Princeton University Press, Princeton NJ, 1979.
16. Mäki U. Social Theories of Science and the Fate of Institutionalism in Economics. In: Mäki U., Gustafsson B., Knudsen C. (edits.), Rationality, Institutions and Economic Methodology. Routledge, L-NY, 1993, p. 76-109, p. 84-87.
17. Marschak J. Toward an Economic Theory of Organization and Information. In: Thrall, Davis & Coombs (eds.). Decision Processes, 1954, John Wiley, N.Y., p. 187-220.
18. Marschak J., Radner R. Economic Theory of Teams. New Haven, Conn., Yale University Press, 1972.
19. Neurath O. Empiricism and Sociology. Dordrecht, Cluwer Publishers, 1973.
20. Radner R., Stiglitz J. A Nonconcavity in the Value of Information. In: Boyer M., Khilstom R., (eds.). Bayesian Models in Economic Theory. New-York, Elsevier, 1984, p. 33-52.
21. Shackle G. Business, Time and Thought. Selected Papers of G.L.S. Shackle. New York, New York University Press, 1988, p. 104-123.
22. Shackle G. Expectations in Economics. Cambridge, Cambridge University Press, 1949.
23. Shiller R. Do Stock Prices Moves Too Much to be Justified by Subsequent Changes in Dividends? // American Economic Review, 1981, vol. 71, No 3, p. 421-436.
24. Simon H. Rationality as a Process and as a Product of Thought. // American Economic Review, 1978, vol. 68, No 2, p.
25. Simon H. Theories of Bounded Rationality. In: C. Radner и R. Radner (eds.), Decision and Organization. Amsterdam, North Holland, 1972.
26. Stigler G. The Economics of Information // Journal of Political Economy, 1961, vol. 69, No 3.
27. Stiglitz J. Information and the Change in the Paradigm in Economics // American Economic Review, 2002, vol. 92, No 3.
28. Strotz R. Myopia and Inconsistency in Dynamic Utility Maximization // Review of Economic Studies, 1956, vol. 23, No 3, p. 165-180.
29. Varese F. The Russian Mafia - Private Protection. New Market Economy, Oxford, Oxford University Press, 2001.
30. von Mises L. Economic calculation in the Socialist Сommonwealth. In: F. Hayek (ed.) Collectivist Economic Planning. London, Routledge, 1935.
Review
For citations:
Sapir J. Economics of Information: The New Paradigm and Its Limits. Voprosy Ekonomiki. 2005;(10):4-24. (In Russ.) https://doi.org/10.32609/0042-8736-2005-10-4-24
Views:
871
Email this article 
