This book brings together the authors' joint papers from over a period of more than twenty years. The collection includes seven papers, each of which presents a novel and rigorous model in Economic Theory. All of the models are within the domain of implementation and mechanism design theories. These theories attempt to explain how incentive schemes and organizations can be designed with the goal of inducing agents to behave according to the designer's (principal's) objectives. Most of the literature assumes that agents are fully rational. In contrast, the authors inject into each model an element which conflicts with the standard notion of full rationality, demonstrating how such elements can dramatically change the mechanism design problem. Although all of the models presented in this volume touch on mechanism design issues, it is the formal modeling of bounded rationality that the authors are most interested in. A model of bounded rationality signifies a model that contains a procedural element of reasoning that is not consistent with full rationality. Rather than looking for a canonical model of bounded rationality, the articles introduce a variety of modeling devices that will capture procedural elements not previously considered, and which alter the analysis of the model. The book is a journey into the modeling of bounded rationality. It is a collection of modeling ideas rather than a general alternative theory of implementation.
The Jewish King Lear, written by the Russian-Jewish writer Jacob Gordin, was first performed on the New York stage in 1892, during the height of a massive emigration of Jews from eastern Europe to America. This book presents the original play to the English-speaking reader for the first time in its history, along with substantive essays on the play’s literary and social context, Gordin’s life and influence on Yiddish theater, and the anomalous position of Yiddish culture vis-�-vis the treasures of the Western literary tradition. Gordin’s play was not a literal translation of Shakespeare’s play, but a modern evocation in which a Jewish merchant, rather than a king, plans to divide his fortune among his three daughters. Created to resonate with an audience of Jews making their way in America, Gordin’s King Lear reflects his confidence in rational secularism and ends on a note of joyful celebration.
The book pulls together a series of articles by the authors that initiated the research areas of "optimal risk adjustment" and "optimal quality reporting." The papers present the basic theoretical models and link them to empirical application. Design of health insurance premiums to achieve efficient and fair outcomes is also covered. The chapters in the book also cover the intellectual development of approaches to health insurance regulation, beginning with more abstract models to those with explicit empirical and policy applications."--Publisher's website.
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