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Joseph E. Stiglitz (Inglês)

Joseph E. Stiglitz, 2001 Nobel Laureate in Economics, helped create the theory of markets with asymmetric information and was one of the founders of modern development economics. He played a leading role in an intellectual revolution that changed the characterization of a market economy. In the new paradigm, the price system only imperfectly solves the information problem of scarcity because of the many other information problems that arise in the economy: the selection over hidden characteristics, the provision of incentives for hidden behaviors and for innovation, and the coordination of choices over institutions.

Detalhes

  • Autor

    Hoff,Karla

  • Data do documento

    2008/01/01

  • TIpo de documento

    Documento de trabalho sobre pesquisa de políticas

  • No. do relatório

    WPS4478

  • Nº do volume

    1

  • Total Volume(s)

    1

  • País

    Mundo,

  • Região

    Regiões Mundiais,

  • Data de divulgação

    2010/07/01

  • Disclosure Status

    Disclosed

  • Nome do documento

    Joseph E. Stiglitz

  • Palavras-chave

    net worth;standard neoclassical model;economics of information;imperfect information;asymmetry of information;Rule of Law;insurance companies;conflicts of interest;lack of transparency;increase in risk;role of prices;concave utility function;costs of communication;development research group;family and friends;number of citations;distribution of wealth;increases in output;distribution of risk;risk of accident;distribution of return;demand for worker;per capita income;market equilibrium price;Endogenous Growth Theories;competitive insurance market;sources of knowledge;access to equity;positive feedback mechanism;efficient market theory;optimum income taxation;provision of information;asian financial crisis;price system;indifference curve;competitive equilibrium;market economy;empirical work;moral hazard;bankruptcy cost;private information;Labor Market;information problem;market socialism;incentive problem;credit market;agency theory;agency problem;search cost;economic rent;private return;Political Economy;incentive contract;credit rationing;high wage;informational imperfection;perfect market;loan application;Medical care;pecuniary externality;equity market;market failure;monetary policy;asymmetric information;peer monitoring;institutional change;market imperfection;missing market;standard model;budget line;marginal return;wage system;risk-averse individual;dysfunctional institutions;market outcome;community interaction;market participant;individual decision;average productivity;insurance policy;information structure;labour market;insurance business;social return;risk sharing;elementary school;prospective borrower;transition country;market price;business cycle;competitive economy;Social Sciences;economic crisis;coordination problem;corporate governance;market mechanism;welfare economics;modern theory;competitive price;production activity;theoretic model;public good;price coordination;efficient outcome;stock market;multiplier effect;information externality;knowledge spillover;agglomeration effect;private capital;foreign debt;consumer expectation;product diversity;equilibrium unemployment;macroeconomic fluctuation;incomplete market;dysfunctional crowding;financial market;business practice;foreign investor;short-term loan;Elementary Education;free capital;multiple equilibria;private property;paradigm shift;private hand;future event;risky asset;safe asset;capitalist economy;state enterprises;exchange program;tax burden;Economic Policy;neoclassical theory;financial structure;adverse selection;purchase insurance;partial insurance;high school;quantity rationing;imperfect knowledge;consumer choice;public economics;short distance;trade theory;benchmark case;modern history;public finance;fire extinguisher;hidden action;market insurance;technological change;transition countries;research program;transition process;research agenda;job loss;political institution;real effect;partial equilibrium;government intervention;optimal tax;random variable;information gathering;remedial education;labor rents;comparative static;labor contract;monitoring cost;modern economy;optimal contract;fixed land;informal insurance;Public Goods;scale economy;environmental externality;increasing return;traditional sector;policy prescriptions;organizational change;capital accumulation;institutional economics;game theory;government ownership;high inflation;Macroeconomic Stability;economic geography;technology sector;International Trade;intermediate input;average cost;

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