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Product Quality and Imperfect Information
The Review of Economic Studies, 1985This paper considers markets in which consumers are imperfectly informed about both product prices and quality levels offered by firms. We characterize necessary and sufficient conditions for existence of the various equilibrium configurations of price and quality that can arise in two paradigm cases; when all consumers prefer higher quality and when ...
Schwartz, Alan, Wilde, Louis L.
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1976
The crux of the problem has been expressed by Margolis as follows:1 The information and calculability necessary for the management of a firm to move to its equilibrium profit-maximising price-output combination are clearly not available. Uncertainty and ignorance are omni-present.
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The crux of the problem has been expressed by Margolis as follows:1 The information and calculability necessary for the management of a firm to move to its equilibrium profit-maximising price-output combination are clearly not available. Uncertainty and ignorance are omni-present.
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1994
Abstract A reason for the failure of prices to adjust instantaneously to changes in the state of the market may be that firms have insufficient information about market conditions. Prices determined with insufficient information about market conditions obviously cannot be adjusted fully to the state of nature.
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Abstract A reason for the failure of prices to adjust instantaneously to changes in the state of the market may be that firms have insufficient information about market conditions. Prices determined with insufficient information about market conditions obviously cannot be adjusted fully to the state of nature.
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2012
Line Profile Analysis is the common name given to those methods allowing microstructure information to be extracted from the breadth and shape of the peaks in a diffraction pattern. A fast analysis is always possible via traditional techniques such as the Scherrer formula, Williamson-Hall plot and Warren-Averbach method, but at the expenses of the ...
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Line Profile Analysis is the common name given to those methods allowing microstructure information to be extracted from the breadth and shape of the peaks in a diffraction pattern. A fast analysis is always possible via traditional techniques such as the Scherrer formula, Williamson-Hall plot and Warren-Averbach method, but at the expenses of the ...
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Imperfect Information and Employment Variability: A Note
Economica, 1996This paper studies the effects of uncertainty about the workers' skills or productivity on the hiring decisions of a monopolistic firm. When productivity is not observable and cannot be conditioned upon, less-than-full information is shown to impart a downward bias to hirings across all states of nature.
Garella Paolo +1 more
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Informed Speculation with Imperfect Competition
The Review of Economic Studies, 1989Competitive rational expectations models have the unsatisfactory property, dubbed the ``schizophrenia'' problem by Hellwig, that each trader takes the equilibrium price as given despite the fact that he influences that price. An examination of information aggregation in a non-competitive rational expectations model using a Nash equilibrium in demand ...
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Product Differentiation with Imperfect Information
The Review of Economic Studies, 1984The paper employs a model of monopolistic competition and product differentiation with consumers who are not well informed about the specification of the offered brands. Welfare analysis of the degree of product differentiation in such a market concludes that the socially desirable product variety is limited due to consumers' imperfect information ...
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Allocating Resources with Imperfect Information
International Joint Conference on Autonomous Agents and Multiagent SystemsThe distribution of resources is a critical issue that impacts all aspects of the Internet and society, with fairness playing a key role.Current standard algorithms for distribution typically measure fairness through methods based on envy or proportionality, requiring precise numerical values.However, there is a clear discrepancy between how these ...
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