J. Stiglitz’s Contribution to the Grounding of Market Theory with Asymmetrical Information
Abstract
This paper approaches a theme of actuality for the theory and practice of research from different fields of economical and social activities. In the first part, we present the phenomena associated to the asymmetrical distribution of information, with a focus on the contributions of G. Stigler, J. Mirrlees and W. Vickrey, as well as those of G. Akerlof and M. Spence. The second part of the paper insists on the theoretical evaluations involved by the functioning mechanisms of the market in the context of imperfect information, as they were theoretized by J. Stiglitz. The latter part of the paper highlights the possibilities of alternative information as opposed to the classical model of macro-economy and micro-economy, as well as the means of counteracting imperfect information form among the actors that operate on different segments of market economy.References
Akerlof, G (2001). Nobel Prize Lecture: Behavioral Macroeconomics and Macroeconomic Behavior, www.nobel.se
Gogoneata, B (2004). Economia riscului şi incertitudinii, Bucureşti, Editura Economică.
Lindbeck, A (2010). The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (1969-2010), The Nobel Foundation’s Internetmuseum, www.nobel.se/economics.
Spence, M (2002). Signaling in Retrospect and the Informational Structure of Market, in T. Fragmye (ed.), The Nobel Prizes 2001, Stockholm, Nobel Foundation.
Stigler, G (1961). The Economics of Information, in „The Journal of Political Economy, 63, 3, p. 213-225.
Stiglitz, J (2002). Information and the Change in the Paradigm in Economics, in „The American Economic Reviewâ€, 92, 3, p. 460-501.
Simandan, M (2008). Arguments Upon Three Specific Phenomena of Asymetrical Information, in vol. Theoretical Developments in Contemporary Economics, Timisoara, Mirton Publishing House, p. 404-412.
Simandan, M (2010). Teoria pieÅ£elor cu informaÅ£ia asimetrică, în vol. Åžtiinţă, Economie, Societate, Arad, Editura Universităţii “Aurel Vlaicuâ€, p. 193-205.
Tasnadi, Al (coord.) (2002). Doctrine Economice, BucureÅŸti, Editura Academiei de Studii Economice.
