Information, Innovation, Market Structure, and Public Policy

这个项目探讨了不完全信息的含义 对资本市场的运作， 这些资本市场的衍生性质， 企业的这些衍生特征的含义 经济的宏观经济表现，以及 对税收政策、宏观经济 稳定和增长政策，以及政府干预 在资本市场上。 该项目的基本目标是 建立一个综合宏观经济模型， 金融市场的核心方面，以及 来自早期关于不完美信息如何 影响产品和劳动力市场。 这个项目也增强了我们对后果的理解 不同的组织形式对组织绩效的影响 在存在不完美信息的情况下，例如，相对于 决策（项目的选择，选择和 管理人员的分配），以及激励结构的设计。 此补助金是基于合同的续期。 提供资金 由于103年的高质量，开创性的研究， 研究者在其最后一次NSF下完成的论文和3本书 由于未来的捐款， 生产项目。 研究发生在六个相互关联的 （1）信息经济学;（2） 对经济的宏观经济表现的不完全信息; (3)福利经济学;（4）创新与市场理论 结构;（5）组织经济学;（6）公共 金融和发展。

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.