Choice under uncertainty and the economics of information
5 important questions on Choice under uncertainty and the economics of information
One important property of a gamble is its expected value:
Risk sharing, or risk pooling, works because of statistical property called the law of large numbers, which is:
While we cannot central whether a coin comes down heads or tails, we do have some control over most other events. Because of this, a principle-agent problem can arise, which means:
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Adverse selection occurs when a principle is deceasing which agent to employ. Moral hazard occurs after the agent has been employed. This contains:
Signalling, communication that conveys information has two important properties:
- Signals must be costly to fake
- the full-disclosure principle
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The question on the page originate from the summary of the following study material:
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- Never study anything twice again
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- 100% sure, 100% understanding
