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Information and efficiency: another viewpoint

In: Market Failure or Success

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Abstract

Recent years have seen the development of new theories of market failure based on asymmetric information and network effects. According to the new paradigm, we can expect substantial failure in the markets for labor, credit, insurance, software, new technologies and even used cars, to give but a few examples. This volume brings together the key papers on the subject, including classic papers by Joseph Stiglitz, George Akerlof and Paul David. The book provides powerful theoretical and empirical rebuttals challenging the assumptions of these new models and questioning the usual policy conclusions. It goes on to demonstrate how an examination of real markets and careful experimental studies are unable to verify the new theories. New frontiers for research are also suggested.

Suggested Citation

  • ., 2002. "Information and efficiency: another viewpoint," Chapters, in: Tyler Cowen & Eric Crampton (ed.), Market Failure or Success, chapter 6, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:2759_6
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    1. -, 2004. "CEPAL Review no.82," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    2. Xianghu Li & Qi Zhang & Chong-Yu Xu & Xuchun Ye, 2015. "The changing patterns of floods in Poyang Lake, China: characteristics and explanations," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 76(1), pages 651-666, March.
    3. Moon-Soo Kim & Ho Kim, 2004. "Innovation Diffusion Of Telecommunications: General Patterns, Diffusion Clusters And Differences By Technological Attribute," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 8(02), pages 223-241.
    4. Richard Adams & David Tranfield & David Denyer, 2011. "A Taxonomy Of Innovation: Configurations Of Attributes In Healthcare Innovations," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 15(02), pages 359-392.

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    Economics and Finance;

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