Information asymmetry
In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. This creates an imbalance of po...
Mechanism design
Mechanism design (sometimes called reverse game theory) is a field in game theory studying solution concepts for a class of private information games. Leonid Hurwicz explains that 'in a design problem...
Cultural industry
According to international organizations such as UNESCO and the General Agreement on Tariffs and Trade (GATT), cultural industries (sometimes also known as "creative industries") combine the creation,...
Revenue equivalence theorem
Auction theory is an applied branch of economics which deals with how people act in auction markets and researches the properties of auction markets. There are many possible designs (or sets of rules...
Costly state verification
Costly State Verification (CSV) approach in contract theory considers contract design problem in which verification (or disclosure) of enterprise performance is costly and a lender has to pay a monito...
Intellectual property
Intellectual property (IP) is a legal term that refers to creations of the mind. Examples of intellectual property include music, literature, and other artistic works; discoveries and inventions; and ...
Lewis signaling game
In game theory, the Lewis signaling game is a type of signaling game that features perfect common interest between players. It is named for the philosopher David Lewis who was the first to discuss th...
Agent (economics)
In economics, an agent is an actor and decision maker in a model. Typically, every agent makes decisions by solving a well or ill-defined optimization/choice problem.For example, buyers and sellers ar...
Single crossing condition
In economics, the single-crossing condition or single-crossing property refers to how the probability distribution of outcomes changes as a function of an input and a parameter.Cumulative distribution...
Credence good
A credence good is a good whose utility impact is difficult or impossible for the consumer to ascertain. In contrast to experience goods, the utility gain or loss of credence goods is difficult to me...
Centre for Innovation and Structural Change
The Centre for Innovation and Structural Change (CISC) is an interdisciplinary research centre at the National University of Ireland, Galway partnered by University College Dublin and Dublin City Univ...
Participation constraint (mechanism design)
In game theory, and particularly mechanism design, participation constraints or rational participation constraints are said to be satisfied if a mechanism leaves all participants at least as well off ...
Moral hazard
In economics, moral hazard occurs when one person takes more risks because someone else bears the burden of those risks. A moral hazard may occur where the actions of one party may change to the detri...
The Market for Lemons
"The Market for Lemons: Quality Uncertainty and the Market Mechanism" is a 1970 paper by the economist George Akerlof. It discusses information asymmetry, which occurs when the seller knows more about...
Signalling (economics)
In economics, more precisely in contract theory, signalling (or signaling: see American and British English differences) is the idea that one party (termed the agent) credibly conveys some information...
Contract theory
In economics, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of asymmetric information. Because of its connections with both agen...
Creative class
The Creative Class is a posited socioeconomic class identified by American economist and social scientist Richard Florida, a professor and head of the Martin Prosperity Institute at the Rotman School ...
Gibbard-Satterthwaite theorem
The Gibbard–Satterthwaite theorem, named after Allan Gibbard and Mark Satterthwaite, is a result about the deterministic voting systems that choose a single winner using only the preferences of the v...
Screening (economics)
Screening in economics refers to a strategy of combating adverse selection, one of the potential decision-making complications in cases of asymmetric information. The concept of screening was first de...
Myerson–Satterthwaite theorem
The Myerson–Satterthwaite theorem is an important result in mechanism design and the economics of asymmetric information, due to Roger Myerson and Mark Satterthwaite. Informally, the result says that...
Information policy
Information policy is the set of all public laws, regulations and policies that encourage, discourage, or regulate the creation, use, storage, access, and communication and dissemination of informatio...
Participation criterion
The participation criterion is a voting system criterion. It is also known as the "no show paradox". It has been defined as follows:Plurality voting, approval voting, range voting, and the Borda count...
Information economics
Information economics or the economics of informationis a branch of microeconomic theory that studies how information and information systems affect an economy and economic decisions. Information has...
Adverse selection
Adverse selection, anti-selection, or negative selection is a term used in economics, insurance, risk management, and statistics. It refers to a market process in which undesired results occur when b...
Media imperialism
Media imperialism is a theory based upon an over-concentration of mass media from larger nations as a significant variable in negatively affecting smaller nations, in which the national identity of sm...