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This is the third volume in a new, definitive, six-volume edition of the works of Joseph Stiglitz, one of today's most distinguished and controversial economists. Stiglitz was awarded the Nobel Prize in Economics in 2001 for his work on asymmetric information and is widely acknowledged as one of the pioneers in the field of modern information economics and more generally for his contributions to microeconomics.
Volume III contains a selection of Joseph E. Stiglitz's work on microeconomics. It questions well-established tenets, including many that are so fundamental they are almost taken for granted, covering basic concepts of risk and markets; the management of risk; the theory of the firm; the economics of organization; and theory of human behaviour. Stiglitz reflects on his work and the field more generally throughout the volume by including substantial original introductions to the Selected Works, the volume as a whole, and each part within the volume.
List of contents
- Part I: Risk and Markets: Basic Concepts
- Introduction to Part I
- A. Foundations of Risk
- Measuring Risk
- 1: Joseph E. Stiglitz and Michael Rothschild: Increasing Risk
- 2: Joseph E. Stiglitz and P. Diamond: Increases in Risk and in Risk Aversion
- Risk with more than one commodity
- 3: Behavior toward Risk With Many Commodities
- 4: A Consumption Oriented Theory of the Demand for Financial Assets and the Term Structure of Interest Rates
- B: Portfolio Theory
- 5: Joseph E. Stiglitz and D. Cass: The Structure of Investor Preferences and Asset Returns, and Separability in Portfolio Allocation: A Contribution to the Pure Theory of Mutual Funds
- 6: Joseph E. Stiglitz and D. Cass: Risk Aversion and Wealth Effects on Portfolios with Many Assets
- Part II: Management of Risk
- Introduction to Part II
- A: Trade and Capital Market Liberalization
- 7: Joseph E. Stiglitz and P. Dasgupta: Tariffs Versus Quotas As Revenue Raising Devices Under Uncertainty
- 8: Joseph E. Stiglitz: Capital-Market Liberalization, Globalization and the IMF
- B: Risk Sharing
- 9: Joseph E. Stiglitz: Risk and Global Economic Architecture: Why Full Financial Integration May be Undesirable
- 10: Joseph E. Stiglitz: Contagion, Liberalization, and the Optimal Structure of Globalization
- 11: Joseph E. Stiglitz, Stefano Battiston, Domenico Delli Gatti, Mauro Gallegati, and Bruce Greenwald: Liaisons Dangereuses: Increasing Connectivity, Risk Sharing, and Systemic Risk
- 12: Joseph E. Stiglitz, S. Battiston, D. Delli Gatti, M. Gallegati, and B. Greenwald: Default Cascades: When Does Risk Diversification Increase Stability?
- C: Commodity Price Stabilization
- 13: Joseph E. Stiglitz and D. Newbery: Risk Aversion, Supply Response, and the Optimality of Random Prices: A Diagrammatic Analysis
- 14: Joseph E. Stiglitz: Optimal Commodity Stock-Piling Rules
- D: Schochastic Capital Theory
- 15: Joseph E. Stiglitz, William A. Brock and Michael Rothschild: Stochastic Capital Theory
- Part III: Theory of the Firm
- Introduction to Part III
- A: Corporate Finance
- 16: Joseph E. Stiglitz: A Re-Examination of the Modigliani-Miller Theorem
- 17: Joseph E. Stiglitz: On the Irrelevance of Corporate Financial Policy
- B: Alternative Objectives of the Firm
- 18: Joseph E. Stiglitz and S. Grossman: On Value Maximization and Alternative Objectives of the Firm
- 19: Joseph E. Stiglitz and S. Grossman: Stockholder Unanimity in the Making of Production and Financial Decisions
- 20: Joseph E. Stiglitz and B. Greenwald: Asymmetric Information and the New Theory of the Firm: Financial Constraints and Risk Behavior
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About the author
Joseph E. Stiglitz is University Professor at Columbia University. In 2001, he was awarded the Nobel Prize in economics, and he was a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize. Known for his pioneering work on asymmetric information, Stiglitz focuses on income distribution, risk, corporate governance, public policy, macroeconomics and globalization. In 2011, Time named Stiglitz one of the 100 most influential people in the world. During the Clinton administration, Stiglitz was a member of the Council of Economic Advisers (CEA) from 1993-95, and served as CEA chairman from 1995-97. He then became Chief Economist and Senior Vice-President of the World Bank from 1997-2000. Stiglitz is also currently the Chief Economist of the Roosevelt Institute, Co-President of the Initiative for Policy Dialogue, and the co-chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD.
Summary
This is the third volume in a new, definitive, six-volume edition of the works of Joseph Stiglitz, one of today's most distinguished and controversial economists. Stiglitz was awarded the Nobel Prize in Economics in 2001 for his work on asymmetric information and is widely acknowledged as one of the pioneers in the field of modern information economics and more generally for his contributions to microeconomics.
Volume III contains a selection of Joseph E. Stiglitz's work on microeconomics. It questions well-established tenets, including many that are so fundamental they are almost taken for granted, covering basic concepts of risk and markets; the management of risk; the theory of the firm; the economics of organization; and theory of human behaviour. Stiglitz reflects on his work and the field more generally throughout the volume by including substantial original introductions to the Selected Works, the volume as a whole, and each part within the volume.
Additional text
... this collection includes many diverse publications not easily available. He writes substantial introductions to the volume as a whole as well as for each major section, putting his work into context. Summing up: Recommended
Report
... this collection includes many diverse publications not easily available. He writes substantial introductions to the volume as a whole as well as for each major section, putting his work into context. Summing up: Recommended P. Z. McKay, CHOICE
