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A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The book emphasizes applications rather than general theorems while providing self-contained, intuitive treatment of the simple models analyzed. In this way, it can also serve as a reference for researchers interested in building contract-theoretic models in applied contexts.The book covers all the major topics in contract theory taught in most graduate courses. It begins by discussing such basic ideas in incentive and information theory as screening, signaling, and moral hazard. Subsequent sections treat multilateral contracting with private information or hidden actions, covering auction theory, bilateral trade under private information, and the theory of the internal organization of firms; long-term contracts with private information or hidden actions; and incomplete contracts, the theory of ownership and control, and contracting with externalities. Each chapter ends with a guide to the relevant literature. Exercises appear in a separate chapter at the end of the book.
“One of the most important contributions to the field of contract theory—if not the most important—in the past 25 years.” —Stephen A. Smith, McGill University Can we account for contract law on a moral basis that is acceptable from the standpoint of liberal justice? To answer this question, Peter Benson develops a theory of contract that is completely independent of—and arguably superior to—long-dominant views, which take contract law to be justified on the basis of economics or promissory morality. Through a detailed analysis of contract principles and doctrines, Benson brings out the specific normative conception underpinning the whole of contract law. Contract, he argues, is best explained as a transfer of rights, which is complete at the moment of agreement and is governed by a definite conception of justice—justice in transactions. Benson’s analysis provides what John Rawls called a public basis of justification, which is as essential to the liberal legitimacy of contract as to any other form of coercive law. The argument of Justice in Transactions is expressly complementary to Rawls’s, presenting an original justification designed specifically for transactions, as distinguished from the background institutions to which Rawls’s own theory applies. The result is a field-defining work offering a comprehensive theory of contract law. Benson shows that contract law is both justified in its own right and fully congruent with other domains—moral, economic, and political—of liberal society.
The Choice Theory of Contracts is an engaging landmark that shows, for the first time, how freedom matters to contract.
Lexical Functional Grammar (LFG) is a nontransformational theory of linguistic structure, first developed in the 1970s by Joan Bresnan and Ronald M. Kaplan, which assumes that language is best described and modeled by parallel structures representing different facets of linguistic organization and information, related by means of functional correspondences. This volume has five parts. Part I, Overview and Introduction, provides an introduction to core syntactic concepts and representations. Part II, Grammatical Phenomena, reviews LFG work on a range of grammatical phenomena or constructions. Part III, Grammatical modules and interfaces, provides an overview of LFG work on semantics, argument structure, prosody, information structure, and morphology. Part IV, Linguistic disciplines, reviews LFG work in the disciplines of historical linguistics, learnability, psycholinguistics, and second language learning. Part V, Formal and computational issues and applications, provides an overview of computational and formal properties of the theory, implementations, and computational work on parsing, translation, grammar induction, and treebanks. Part VI, Language families and regions, reviews LFG work on languages spoken in particular geographical areas or in particular language families. The final section, Comparing LFG with other linguistic theories, discusses LFG work in relation to other theoretical approaches.
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Situation Theory and situation semantics are recent approaches to language and information, approaches first formulated by Jon Barwise and John Perry in Situations and Attitudes (1983). The present volume collects some of Barwise's papers written since then, those directly concerned with relations among logic, situation theory, and situation semantics. Several papers appear here for the first time.
Modern, current, and future communications/processing aspects motivate basic information-theoretic research for a wide variety of systems for which we do not have the ultimate theoretical solutions (for example, a variety of problems in network information theory as the broadcast/interference and relay channels, which mostly remain unsolved in terms of determining capacity regions and the like). Technologies such as 5/6G cellular communications, Internet of Things (IoT), and mobile edge networks, among others, not only require reliable rates of information measured by the relevant capacity and capacity regions, but are also subject to issues such as latency vs. reliability, availability of system state information, priority of information, secrecy demands, energy consumption per mobile equipment, sharing of communications resources (time/frequency/space), etc. This book, composed of a collection of papers that have appeared in the Special Issue of the Entropy journal dedicated to “Information Theory for Data Communications and Processing”, reflects, in its eleven chapters, novel contributions based on the firm basic grounds of information theory. The book chapters address timely theoretical and practical aspects that constitute both interesting and relevant theoretical contributions, as well as direct implications for modern current and future communications systems.
This book presents a critical overview of current work on linguistic features - gender, number, case, person, etc. - and establishes new bases for their use in the study and understanding of language. It brings together perspectives from phonology to formal syntax and semantics, expounding features in typology, computer applications, and logic.
Very diverse societies pose real problems for Rawlsian models of public reason. This is for two reasons: first, public reason is unable accommodate diverse perspectives in determining a regulative ideal. Second, regulative ideals are unable to respond to social change. While models based on public reason focus on the justification of principles, this book suggests that we need to orient our normative theories more toward discovery and experimentation. The book develops a unique approach to social contract theory that focuses on diverse perspectives. It offers a new moral stance that author Ryan Muldoon calls, "The View From Everywhere," which allows for substantive, fundamental moral disagreement. This stance is used to develop a bargaining model in which agents can cooperate despite seeing different perspectives. Rather than arguing for an ideal contract or particular principles of justice, Muldoon outlines a procedure for iterated revisions to the rules of a social contract. It expands Mill's conception of experiments in living to help form a foundational principle for social contract theory. By embracing this kind of experimentation, we move away from a conception of justice as an end state, and toward a conception of justice as a trajectory. Listen to Robert Talisse interview Ryan Muldoon about Social Contract Theory for a Diverse World on the podcast, New Books in Philosophy: http://tinyurl.com/j9oq324 Also, read Ryan Muldoon’s related Niskanen Center article, "Diversity and Disagreement are the Solution, Not the Problem," published Jan. 10, 2017: https://niskanencenter.org/blog/diversity-disagreement-solution-not-problem/
Geoffrey Nunberg challenges a widespread assumption that the linguistic structure of written languages is qualitatively identical to that of spoken language: It should no longer be necessary to defend the view that written language is truly language, but it is surprising to learn of written-language category indicators that are realized by punctuation marks and other figural devices.' He shows that traditional approaches to these devices tend to describe the features of written language exclusively by analogy to those of spoken language, with the result that punctuation has been regarded as an unsystematic and deficient means for presenting spoken-language intonation. Analysed in its own terms, however, punctuation manifests a coherent linguistic subsystem of 'text-grammar' that coexists in writing with the system of 'lexical grammar' that has been the traditional object of linguistic inquiry. A detailed analysis of the category structure of English text-sentences reveals a highly systematic set of syntactic and presentational rules that can be described in terms independent of the rules of lexical grammar and are largely matters of the tacit knowledge that writers acquire without formal instruction. That these rules obey constraints that are structurally analogous to those of lexical grammar leads Nunberg to label the text-grammar an 'application' of the principles of natural language organization to a new domain. Geoffrey Nunberg is a researcher at Xerox Palo Alto Research Center.