Uncertainty and Information in Economics
Researchers in economic theory have long recognized the importance of uncertainty and information, but major advances have been made during the last two to three decades especially. The program will focus on three areas of microeconomics where uncertainty and information play a key role: game theory, information economics, and finance.
Game theory and information economics have become virtually inseparable since the 1970s. The program will focus on games of both complete and incomplete information. Auction theory represents one of the most prominent applications of games of incomplete information, with bidders’ private information as the main factor affecting their strategic behavior. We plan to provide an overview of the recent developments in the theory of auctions, including combinatorial auctions developed by computer scientists. Another branch of game theory that will be covered is the theory of coalition formation. This has achieved renewed prominence in recent years, with more emphasis being placed on understanding when economic agents have an incentive to form a coalition, rather than how a group of economic agents should share the benefits of forming a coalition.
The program will also consider equilibrium theory with differential information from both the cooperative and non-cooperative points of view. Incentive compatibility problems and mechanism design will be a focus of study. We will also consider work in computer science on both automated and algorithmic mechanism design.
Another focus of the program will be the interplay between equilibrium theory and asset pricing, with particular emphasis on incomplete markets. In complete markets, complex financial securities can be synthetically replicated by sophisticated trading strategies involving considerably simpler instruments. In incomplete markets, this is not usually possible. Nevertheless, in some cases the pricing of complex securities can still be accomplished via equilibrium arguments.
Schedule of Workshops, Tutorials, Seminars and Conference
There will be seminars and research interactions through out the program, in addition to above activities.
IMS Membership is not required for participation in above activities. For attendance at these activities, please complete the registration form (MSWord|PDF|PS) and fax it to us at (65) 6873 8292 or email it to us at email@example.com.
If you are an IMS member or are applying for IMS membership, you do not need to register for these activities.
The Institute for Mathematical Sciences invites applications for membership for participation in the above program. Limited funds to cover travel and living expenses are available to young scientists. Applications should be received at least three (3) months before the commencement of membership. Application form is available in (MSWord|PDF|PS) format for download.
For enquiries on scientific aspects of the program, please email Yeneng Sun at firstname.lastname@example.org.