Information, Innovation, Market Structure, and Public Policy

该项目探讨了不完全信息对资本市场运作的影响，资本市场的这些衍生属性对企业行为的影响，企业行为的这些衍生特征对经济宏观经济表现的影响，以及对税收政策的潜在后续后果。支持宏观经济稳定和增长政策，支持政府干预资本市场。该项目的一个基本目标是构建一个通用的宏观经济模型，以一致的方式将金融市场的核心方面与早期关于不完全信息如何影响产品和劳动力市场的研究结果结合起来。这个项目还增强了我们对不同组织形式对组织绩效的影响的理解，在不完全信息存在的情况下，例如，在决策方面（项目的选择，经理的选择和分配），以及激励结构的设计。这项奖助金是一项以成就为基础的续期。由于研究者在最后一次NSF资助下完成了103篇论文和3本书的高质量，开创性的研究，以及这个极具生产力的项目的未来贡献，因此提供了资金。研究发生在六个相互关联的领域：(1)信息经济学；(2)信息不完全对经济宏观经济表现的影响；(3)福利经济学；(4)创新与市场结构理论；(5)组织经济学；(6)公共财政与发展。

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.