Information, Innovation, Market Structure, and Public Policy

本项目探讨不完全信息对资本市场运作的影响、资本市场这些衍生性质对企业行为的影响、这些衍生企业行为特征对经济的宏观经济表现的影响，以及对税收政策、宏观经济稳定和增长政策以及政府对资本市场干预的潜在后果。该项目的一个基本目标是建立一个通用的宏观经济模型，以一致的方式纳入金融市场的中心方面，以及早期关于不完善信息如何影响产品和劳动力市场的工作得出的结果。该项目还加强了我们对不同组织形式在信息不完善的情况下对组织绩效的影响的理解，例如，在决策(项目的选择、管理人员的选择和分配)以及激励结构的设计方面。这笔赠款是一种基于成就的续签。提供资金是因为这位研究人员在他最后一次NSF拨款下完成的103篇论文和3本书中的高质量、开创性的研究，以及这个极具成效的项目未来的贡献。研究涉及六个相互关联的领域：(1)信息经济学；(2)不完全信息对经济宏观经济表现的影响；(3)福利经济学；(4)创新和市场结构理论；(5)组织经济学；(6)公共财政和发展。

This project explores the implications of imperfect information for the functioning of the capital market, the implications of these derived properties of the capital markets for the behavior of firms, the implications of these derived characteristics of firm behavior for the macroeconomic performance of the economy, and the potential ensuing consequences for tax policy, for macroeconomic stabilization and growth policies, and for government interventions in the capital markets. A basic objective of the project is the construction of a general macroeconomic model incorporating in a consistent way central aspects of financial markets, together with results derived from earlier work on how imperfect information affects product and labor markets. This project also enhances our understanding of the consequences of different organizational forms for organizational performance, in the presence of imperfect information, e.g., with respect to decision making (the selection of projects, the selection and assignment of managers), and the design of incentive structures. This grant is an accomplishment-based renewal. Funding is provided because of the high quality, pathbreaking research in the 103 papers and 3 books completed by the investigator under his last NSF grant and because of future contributions from this extremely productive project. Research takes place in six interrelated areas: (1) the economics of information; (2) the implications of imperfect information for the economy's macroeconomic performance; (3) welfare economics; (4) the theory of innovation and market structure; (5) the economics of organizations; and (6) public finance and development.