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An introduction to Economics of Information Biasing (EIB)

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Author Info
Zaman, Md Monowaruz

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Abstract

This article provides analytical look into the basis of the formation our institutional structure by assuming information as the key player for that. It shows that information is used as a strategic tool by every actor to maximize his or her payoff. By applying game theory it shows that our economy can be represented or modeled as an information biasing chain where economic agents interact with each other in different virtual coalitions. The coalitions are positioned along the biasing chain based on interdependence of their payoff functions. In the real world the biasing is implemented by means of institutions. The coalitions that are positioned on upper levels of the biasing chain virtually control the institutions and therefore they have greater influence on our economy. A new biasing on right position may counteract existing biasing and lead toward institutional reform or hold good values.

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File URL: http://mpra.ub.uni-muenchen.de/635/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 635.

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Date of creation: 15 Jan 2008
Date of revision: 15 Jun 2008
Handle: RePEc:pra:mprapa:635

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Related research
Keywords: bounded rationality capitalist coalition game theory information institutions institutional economics market neoclassical Pareto improvement values transaction cost

Find related papers by JEL classification:
C79 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Other
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
O21 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
Z0 - Other Special Topics - - General
C59 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Other
B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Simon, Herbert A, 1986. "Rationality in Psychology and Economics," Journal of Business, University of Chicago Press, vol. 59(4), pages S209-24, October. [Downloadable!] (restricted)
  2. Jakob B Madsen & E Philip Davis, 2003. "Equity Prices, Productivity Growth, And ‘The New Economy’," Economics and Finance Discussion Papers 03-04, Economics and Finance Section, School of Social Sciences, Brunel University. [Downloadable!]
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  3. Luca Anderlini & Leonardo Felli, 2006. "Transaction Costs and the Robustness of the Coase Theorem," Economic Journal, Royal Economic Society, vol. 116(508), pages 223-245, 01. [Downloadable!] (restricted)
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