Markets, information, and uncertainty : essays in economic theory in honor of Kenneth J. Arrow

Markets, Information and Uncertainty is a collection of essays by leading theorists offering powerful new insights on the role of uncertainty and information in today's market. This book features Kenneth Arrow on information and the organization of industry, Roy Radner on new technologies, Graciela Chichilnisky and Frank Hahn on human-induced uncertainty, Geoffrey Heal and Walter Heller on the creation of new markets and Edmund Phelps on unemployment. It is an authoritative collection offering imaginative and fresh approaches to economic theory. Introduction / Graciela Chichilnisky -- Information And The Organization Of Industry / Kenneth J. Arrow -- Equilibrium In An Economy With Information Goods / Vladimir I. Danilov, Gleb A. Koshevoy, And Alexandr I. Sotskov -- The Formulation Of Uncertainty: Prices And States / Jacques H. Drèze -- A Remark On Incomplete Market Equilibrium / Frank Hahn -- Existence And Optimality Of A General Equilibrium With Endogenous Uncertainty / Graciela Chichilnisky -- Market Equilibrium With Endogenous Price Uncertainty And Options / Peter H. Huang And Ho-mou Wu -- Catastrophe Futures: Financial Markets For Unknown Risks / Graciela Chichilnisky And Geoffrey Heal -- Moral Hazard And Independent Income In A Modern Intertemporal-equilibrium Model Of Involuntary Unemployment And Mandatory Retirement / Edmund S. Phelps -- On The Optimal Schedule For Introducing A New Technology, When There Is Learning By Doing / P.b. Linhart And Roy Radner -- Price And Market Share Dynamics In Network Industries / Geoffrey Heal -- Exchange In A Network Of Trading Posts / Ross M. Starr And Maxwell B. Stinchcombe -- Equilibrium Market Formation Causes Missing Markets / Walter P. Heller -- Toward A General Theory Of Social Overhead Capital / Hirofumi Uzawa -- On Population Externalities And The Social Rate Of Discount / David A. Starrett -- Trade And Welfare / Tito Cordella, Enrico Minelli, And Heracles Polemarchakis -- History As A Widespread Externality In Some Arrow-debreu Market Games / Peter J. Hammond -- Redistribution By A Representative Democracy And Distributive Justice Under Uncertainty / Peter Coughlin. Edited By Graciela Chichilnisky. Includes Bibliographical References And Indexes. This book is a collection of essays by leading theorists offering insights on the role of uncertainty and information in today's market. It features Kenneth Arrow on information and the organization of industry, Roy Radner on technologies, Graciela Chichilnisky and Frank Hahn on human-induced uncertainty, Geoffrey Heal and Walter Heller on the creation of markets and Edmund Phelps on unemployment. The mystery of brilliant productivity will always be the posing of new questions, the anticipation of new theorems that make accessible valuable results and connections.