ECON OF UNCERTAINTY & INFORMTN

Uncertainty is ubiquitous and information about that uncertainty plays a key role in economic
decision-making and exchange. In this course, we will first consider how individuals and society
can manage uncertainty. We will then focus on how economic relationships may suffer from
some parties not having all the information that is relevant to their decision-making. We will see
how these kinds of information asymmetries invite lying and cheating. We will also study how
parties can structure their agreements to address the problems that such information asymmetries
create.