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Record W4382244749 · doi:10.11647/obp.0362.14

A market with asymmetric information

2023· book-chapter· en· W4382244749 on OpenAlexaff
Martin J. Osborne, Ariel Rubinstein

Bibliographic record

VenueOpen Book Publishers · 2023
Typebook-chapter
Languageen
FieldEconomics, Econometrics and Finance
TopicEconomic theories and models
Canadian institutionsUniversity of Toronto
Fundersnot available
KeywordsMathematical economicsSet (abstract data type)EconomicsGeneral equilibrium theoryProfit (economics)Competitive equilibriumAggregate (composite)MicroeconomicsSupply and demandSequential equilibriumComplete informationComputer scienceEquilibrium selectionGame theoryRepeated game

Abstract

fetched live from OpenAlex

This chapter discusses an equilibrium concept that differs from the notions of competitive equilibrium discussed in Chapters 9–12. The models in the earlier chapters specify the precise set of economic agents who operate in the market, and an equilibrium specifies the terms of trade (prices) for which the aggregate demand and supply of these agents are equal. The model we study in this chapter does not explicitly specify the set of agents. As a consequence, the equilibrium notion is more abstract. A set of contracts is an equilibrium if no agent who offers a contract wants to withdraw it, and no agent can profit by adding a contract. We illustrate the concept by applying it to a model central to the economics of information. The problems at the end of the chapter demonstrate the use of the concept to study other economic interactions.

Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.

How this classification was reachedexpand

Full frame machine prediction

Teacher imitation

Not calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.

metaresearch head score (Codex)0.001
metaresearch head score (Gemma)0.003
Version: metacan-v3-hybrid-931329e0061cValidation status: machine_predicted_unvalidated
Candidate categoriesnone
Consensus categoriesnone
DomainCandidate signal: none · Consensus signal: none
Study designCandidate signal: Theoretical or conceptual · Consensus signal: Theoretical or conceptual
GenreCandidate signal: Other · Consensus signal: Other
Teacher disagreement score0.025
Threshold uncertainty score0.083

Distilled classifier scores by category (both heads)

CategoryCodexGemma
Metaresearch0.0010.003
Meta-epidemiology (narrow)0.0010.000
Meta-epidemiology (broad)0.0010.001
Bibliometrics0.0010.001
Science and technology studies0.0020.003
Scholarly communication0.0060.010
Open science0.0010.002
Research integrity0.0030.002
Insufficient payload (model declined to judge)0.0250.003

Machine scores (provisional)

The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.

Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.

Opus teacher head0.030
GPT teacher head0.194
Teacher spread0.164 · how far apart the two teachers sit on this one work
Validation statusscore_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it

Classification

machine, unvalidated

Machine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.

The models applied no category: nothing in the taxonomy fit this work.
Study designTheoretical or conceptual
Domainnot available
GenreOther

How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".

Quick stats

Citations0
Published2023
Admission routes1
Has abstractyes

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