A general equilibrium model of' optimal employment contracts is developed where firms have better information about labor's marginal product than workers. It is optimal for the wage to be tied to the level of employment, to prevent the firm from falsely stating that the marginal product is low...

Consider an economy subject to two kinds of shocks: (a) an observable shock to the relative demand for final goods which causes dispersion in relative prices, and (b) shocks, unobservable by workers, to the technology for transforming intermediate goods into final goods. A worker in a particular...

These original essays focus on a wide range of topics related to Frank Hahn's distinguished work in economics. Ranging from market analysis and game theory to the microeconomic foundations of macroeconomics and from equilibrium and optimality with missing markets to economics and society, they...

The three major themes of János Kornai's work reflected in the title of this book--planning, shortage, and transition, or transformation--figure prominently in the essays. After a philosophical introduction by Edmond Malinvaud, the book is divided into three sections: Markets and Organizations,...

This book honours Partha Dasgupta, and the field he helped establish; environment and development economics. It concerns the relationship between social systems (to include families, local communities, national economies, and the world as a whole) and natural systems (critical ecosystems,...

Interview with the Laureates in Economics Eric S. Maskin and Roger B. Myerson, 6 December 2007. The interviewer is Adam Smith, Editor-in-Chief of Nobelprize.org.