Search Results for: Information And Efficiency In Economic Decision

Use of information is basic to economic theory in two ways. As a basis for optimization, it is central to all normative hypotheses used in eco nomics, but in de

Economic analysis of law is an interesting and challenging attempt to employ the concepts and reasoning methods of modern economic theory so as to gain a deeper

Econometrics as an applied discipline attempts to use information in a most efficient manner, yet the information theory and entropy approach developed by Shann

Walter J. Schultz illustrates the deficiencies of theories that purport to show that markets alone can provide the basis for efficiency. He argues that markets