Collaborative Research: Information, Markets and Networks

合作研究：信息、市场和网络

• 批准号: 1459885
• 负责人: Stephen Morris
• 金额: $ 21.69万
• 依托单位: Princeton University
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2015
• 资助国家: 美国
• 起止时间: 2015-09-01 至 2019-08-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=1459885&HistoricalAwards=false
• 关键词: Collaborative; Research; Information; Markets; Networks

Classical market analysis built in the assumption that market participants interact in a single market with the same information. Research over the last forty years has highlighted the importance of asymmetric information in markets. Research over the last twenty years has highlighted the importance of limited participation in markets via network linkages. The project develops new approaches to studying the role of information and networks in markets. The classical approach to analyzing asymmetric information in economic settings is to understand the consequences of assuming one particular information structure. In this paper, we develop an alternative approach to understanding what can happen in all information structures. This alternative approach delivers powerful tools and new insights about the role of information in markets. The project builds on earlier work supported by the NSF on what can happen in strategic situations across different information structures. The first component of the project on "Information and Markets" applies that approach to classical market settings. In this context, the approach highlights the distinct roles of information in making more outcomes feasible but also in imposing more incentive constraints on what can happen. The approach also clarifies the strategic foundations of competitive equilibria under asymmetric information. A second component on "Information and Price Discrimination" looks at outcomes under price discrimination, generalizing prior work on single good monopoly. A third component of the project is on "Information, Networks and Volatility". The problems of arbitrary networks and arbitrary information structures are tightly linked. Building on earlier work for symmetric environments and interaction, we examine which information structure generates the most volatility in an economy with both idiosyncratic and aggregate shocks in arbitrary networks with general information structures.

基于市场参与者在单个市场中与相同信息相互作用的假设建立的经典市场分析。 在过去的四十年中，研究强调了市场中不对称信息的重要性。 在过去的二十年中，研究强调了通过网络链接参与市场的重要性。 该项目开发了研究信息和网络在市场中的作用的新方法。 在经济环境中分析不对称信息的经典方法是了解假设一种特定信息结构的后果。 在本文中，我们开发了一种替代方法来理解所有信息结构中可能发生的事情。 这种替代方法为信息在市场中的作用提供了强大的工具和新见解。 该项目基于NSF支持的早期工作，涉及不同信息结构的战略情况下可能发生的情况。 该项目的“信息和市场”的第一组件将这种方法应用于古典市场环境。 在这种情况下，该方法突出了信息在使结果可行的情况下的独特作用，同时也对可能发生的事情施加更具激励性的约束。 该方法还阐明了在不对称信息下竞争平衡的战略基础。 “信息和价格歧视”的第二个组成部分着眼于价格歧视下的结果，将先前的工作推广到单个良好的垄断。 该项目的第三个组成部分是“信息，网络和波动率”。任意网络和任意信息结构的问题紧密相关。 在对称环境和互动的早期工作的基础上，我们检查了哪种信息结构在经济中产生最大的波动性，并具有具有一般信息结构的任意网络中具有特质和总体冲击的经济性。