MSU EC 860 - Representation Theorems and Applications (16 pages)

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Representation Theorems and Applications



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Representation Theorems and Applications

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Lecture Notes


Pages:
16
School:
Michigan State University
Course:
Ec 860 - Market Structure and Behavior
Market Structure and Behavior Documents

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Good News and Bad News Representation Theorems and Applications Paul R Milgrom The Bell Journal of Economics Vol 12 No 2 Autumn 1981 pp 380 391 Stable URL http links jstor org sici sici 0361 915X 28198123 2912 3A2 3C380 3AGNABNR 3E2 0 CO 3B2 Q The Bell Journal of Economics is currently published by The RAND Corporation Your use of the JSTOR archive indicates your acceptance of JSTOR s Terms and Conditions of Use available at http www jstor org about terms html JSTOR s Terms and Conditions of Use provides in part that unless you have obtained prior permission you may not download an entire issue of a journal or multiple copies of articles and you may use content in the JSTOR archive only for your personal non commercial use Please contact the publisher regarding any further use of this work Publisher contact information may be obtained at http www jstor org journals rand html Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission The JSTOR Archive is a trusted digital repository providing for long term preservation and access to leading academic journals and scholarly literature from around the world The Archive is supported by libraries scholarly societies publishers and foundations It is an initiative of JSTOR a not for profit organization with a mission to help the scholarly community take advantage of advances in technology For more information regarding JSTOR please contact support jstor org http www jstor org Mon Oct 15 10 53 57 2007 Good news and bad news representation theorems and applications Paul R Milgrorn This is an article about modeling methods in information economics A notion of avorableness of news is introduced characterized artd applied t o four simple models In the equilibria of these models I the arrival of good news about afirm s prospects always causes its share price t o rise 2 more favorable evidence about an agent s effort leads the principal t o



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