Theory and Decision Library B

Econometrics of Information and Efficiency

Authors: Sengupta, Jati

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About this book

Econometrics as an applied discipline attempts to use information in a most efficient manner, yet the information theory and entropy approach developed by Shannon and others has not played much of a role in applied econometrics. Econometrics of Information and Efficiency bridges the gap.
Broadly viewed, information theory analyzes the uncertainty of a given set of data and its probabilistic characteristics. Whereas the economic theory of information emphasizes the value of information to agents in a market, the entropy theory stresses the various aspects of imprecision of data and their interactions with the subjective decision processes. The tools of information theory, such as the maximum entropy principle, mutual information and the minimum discrepancy are useful in several areas of statistical inference, e.g., Bayesian estimation, expected maximum likelihood principle, the fuzzy statistical regression. This volume analyzes the applications of these tools of information theory to the most commonly used models in econometrics.
The outstanding features of Econometrics of Information and Efficiency are:

  • A critical survey of the uses of information theory in economics and econometrics;
  • An integration of applied information theory and economic efficiency analysis;
  • The development of a new economic hypothesis relating information theory to economic growth models;
  • New lines of research are emphasized.

Reviews

`I would recommend it highly to graduate students and researchers who are engaged in information-based economics.'
The Statistician, 44:2, 1995

Table of contents (6 chapters)

  • Introduction to Information

    Sengupta, Jati K.

    Pages 1-12

  • Applied Information Theory

    Sengupta, Jati K.

    Pages 13-70

  • Information Theory in Econometrics

    Sengupta, Jati K.

    Pages 71-105

  • Applications in Control Theory and Operations Research

    Sengupta, Jati K.

    Pages 106-159

  • Economic Theories of Information

    Sengupta, Jati K.

    Pages 160-229

Buy this book

eBook $149.00
price for USA in USD (gross)
  • ISBN 978-94-015-8202-5
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $199.99
price for USA in USD
  • ISBN 978-0-7923-2353-2
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $199.99
price for USA in USD
  • ISBN 978-90-481-4288-0
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Econometrics of Information and Efficiency
Authors
Series Title
Theory and Decision Library B
Series Volume
25
Copyright
1993
Publisher
Springer Netherlands
Copyright Holder
Springer Science+Business Media B.V.
eBook ISBN
978-94-015-8202-5
DOI
10.1007/978-94-015-8202-5
Hardcover ISBN
978-0-7923-2353-2
Softcover ISBN
978-90-481-4288-0
Edition Number
1
Number of Pages
X, 258
Topics