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Drawing upon and extending his inaugural Lipsey Lectures, Debraj Ray looks at coalition formation from the perspective of game theory. Ray brings together developments in both cooperative and noncooperative game theory to study the analytics of coalition formation and binding agreements.
Coalitions --- Game theory --- Coalition --- Théorie des jeux --- 330.1 --- 519.83 --- Economische grondbegrippen. Algemene begrippen in de economie --- Theory of games --- Coalitions. --- Game theory. --- Coalities --- Samenwerkingsvormen (bedrijfseconomie) --- Speltheorie. --- Coalities. --- Samenwerkingsvormen (bedrijfseconomie). --- 519.83 Theory of games --- 330.1 Economische grondbegrippen. Algemene begrippen in de economie --- Théorie des jeux --- Games, Theory of --- Mathematical models --- Mathematics --- Coalition (Social sciences) --- Social groups --- agreements, bargaining, blocking, cooperative games, coalitions, coalition formation, coalition structure, efficiency, farsightedness, partition functions
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The study of development in low-income countries is attracting more attention around the world than ever before. Yet until now there has been no comprehensive text that incorporates the huge strides made in the subject over the past decade. Development Economics does precisely that in a clear, rigorous, and elegant fashion. Debraj Ray, one of the most accomplished theorists in development economics today, presents in this book a synthesis of recent and older literature in the field and raises important questions that will help to set the agenda for future research. He covers such vital subjects as theories of economic growth, economic inequality, poverty and undernutrition, population growth, trade policy, and the markets for land, labor, and credit. A common point of view underlies the treatment of these subjects: that much of the development process can be understood by studying factors that impede the efficient and equitable functioning of markets. Diverse topics such as the new growth theory, moral hazard in land contracts, information-based theories of credit markets, and the macroeconomic implications of economic inequality come under this common methodological umbrella. The book takes the position that there is no single cause for economic progress, but that a combination of factors--among them the improvement of physical and human capital, the reduction of inequality, and institutions that enable the background flow of information essential to market performance--consistently favor development. Ray supports his arguments throughout with examples from around the world. The book assumes a knowledge of only introductory economics and explains sophisticated concepts in simple, direct language, keeping the use of mathematics to a minimum. Development Economics will be the definitive textbook in this subject for years to come. It will prove useful to researchers by showing intriguing connections among a wide variety of subjects that are rarely discussed together in the same book. And it will be an important resource for policy-makers, who increasingly find themselves dealing with complex issues of growth, inequality, poverty, and social welfare.
Development economics --- Development economics. --- Social Sciences and Humanities. Development Studies --- Development Economics. --- Third World: economic development problems --- 330.35 --- 339.96 --- 339.9 --- AA / International- internationaal --- LDC / Developping Countries - Pays En Développement --- 338.8 --- 338.340 --- Economics --- Economic development --- 339.96 Ontwikkelingshulp. Ontwikkelingssamenwerking. Ontwikkelingsproblematiek --- Ontwikkelingshulp. Ontwikkelingssamenwerking. Ontwikkelingsproblematiek --- 330.35 Economische groei. Kwantitatieve toename. Technische vooruitgang --zie ook {338.09} --- Economische groei. Kwantitatieve toename. Technische vooruitgang --zie ook {338.09} --- Internationale economie --- Economische groei. --- Algemene ontwikkeling in de Derde Wereld. --- Algemene ontwikkeling in de Derde Wereld --- Economische groei --- Developing countries: economic development problems --- Économie du développement --- Développement économique --- Développement durable --- Innovations --- Aspect économique
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This paper develops a theory in which society-wide economic outcomes shape individual aspirations, which affect the investment incentives of individuals. Through its impact on investments, aspirations in turn affect ambient social outcomes. We explore this two-way link. A central feature is that aspirations that are moderately above an individual's current standard of living tend to encourage investment, while still higher aspirations may lead to frustration and lower investment. When integrated with the feedback effect from investment, we are led to a theory in which aspirations and income evolve jointly, and the social determinants of preferences play an important role. We examine conditions under which growth is compatible with long-run equality in the distribution of income. More generally, we describe steady state income distributions, which are typically clustered around local poles. Finally, the theory has predictions for the growth rates along the cross-section of income. We use these predictions to calibrate the model so that it fits growth data by income percentile for 43 countries, and back out the implicit aspirations-formation process that underlies these observations.
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We provide estimates of excess female mortality among adult unmarried women in developing regions. We find that more than 40% of adult "missing women" can be attributed to not being married. In India and other parts of South Asia, 55% of the missing adult women are due to not having a husband. For sub-Saharan Africa and China, the estimates are smaller: 35% and 13% respectively. We show that 70% of missing unmarried women are of reproductive age and that it is the relatively high mortality rates of these young unmarried women (compared to their married counterparts) that drive this phenomenon.
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In economics, alphabetical name order is the baseline norm for joint publications. A growing literature suggests, however, that alphabetical order confers uneven benefits on the first author. This paper introduces and studies certified random order, which involves randomization of names that is institutionally ratified by a commonly understood symbol. Certified random order maintains all the ethical niceties of alphabetical order, but in addition: (a) it distributes the psychological and perceptual weight given to first authorship evenly over the alphabet, (b) it allows either author to signal credit when contributions are extremely unequal, (c) it will be willingly adopted in a decentralized manner even in an environment where alphabetical order is dominant, (d) it is robust to deviations, (e) it dominates alphabetical order on the grounds of ex-ante efficiency, and (f) barring the addition of a simple symbol, it is no more complex than the old system, and brings perfect symmetry to joint authorship.
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Agents signal their type in a principal-agent model; the principal seeks to retain good agents. Types are signaled with some ambient noise. Agents can choose to add or remove additional noise at a cost. It is shown that monotone retention strategies, in which the principal keeps the agent if the signal crosses some threshold, are generically never equilibria. The main result identifies an equilibrium with a bounded retention zone, in which the principal is wary of both excessively good and excessively bad signals: she retains the agent if the signal is "moderate" and replaces him otherwise. The equilibria we uncover are robust to various extensions: non-normal signal structures, non-binary types, interacting agents, costly mean-shifting, or dynamics with term limits. We discuss applications to risky portfolio management, fake news and noisy government statistics.
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