Information and Efficiency in Economic Decision

Use of information is basic to economic theory in two ways. As a basis for optimization, it is central to all normative hypotheses used in eco­ nomics, but in decision—making situations it has shastic and evolution­ ary aspects that are more dynamic and hence more fundamental. This book provides an illustrative survey of the use of information in econom­ ics and other decision sciences. Since this area is one of the most active fields of research in modern times, it is not possible to be de...