The Economics of Information Lying and

Knowledge is a vital resource which confers strategic advantages on those that possess it, and provides the possibility of misuse and abuse with increasingly dangerous economic consequences.

Ian Molho is Reader in Applied Microeconomics in the Department of Economics, University of Newcastle. He was previously a research fellow at the University of Kent and his varied research interests include labor markets, game theory, the economics of information and evolutionary economics.

List of Figures
List of Tables
Preface
Introduction: Private Information and Hidden Action
Adverse Selection: The Market for Lemons
Quality Uncertainty and the Market for Lemons
Adverse Selection: The Wilson Model
Lemons Problems: Experimental Evidence
Signalling
Job Market Signalling
Screening: A Self-Selection Mechanism
Further Literature on Signalling Theory
Signalling/Screening Behaviour: Experimental Evidence
Moral Hazard
Moral Hazard: Shareholder/Management Relations
Moral Hazard: A Principal-Agent Model
Further Literature on Moral Hazard and Agency Theory
Moral Hazard: Experimental Evidence
Mechanism Design: Applications to Bargaining and Auctions
Mechanism Design and the Revelation Principle: A Bargaining Example
Auction Design: Theory
Auction Design: Experimental Evidence
Concluding Comments
Appendix: Brief Notes on Probability Distributions, Baye's Rule, Expected Utility Theory and Game Theory
Index
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The Economics of Information Lying and Cheating in Markets and Organizations

Summary

Author Biography

Table of Contents

Supplemental Materials