Advances in Economics and Econometrics Tenth World Congress

This is the first of three volumes containing edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society, held in Shanghai in August 2010. The papers summarize and interpret key developments in economics and econometrics and they discuss future directions for a wide variety of topics, covering both theory and application. Written by the leading specialists in their fields, these volumes provide a unique, accessible survey of progress on the discipline. The first volume primarily addresses economic theory, with specific focuses on nonstandard markets, contracts, decision theory, communication and organizations, epistemics and calibration, and patents.

Part I. Nonstandard Markets: 1. Matching markets: theory and practice Atila Abdulkadiroglu and Tayfun Sönmez; 2. The economics of Internet markets Jonathan Levin; 3. Discussion of 'matching markets: theory and practice' Yeon-Koo Che; Part II. Contracts: 4. Contracts: the theory of dynamic principal-agent relationships and the continuous-time approach Yuliy Sannikov; 5. Dynamic financial contracting Bruno Biais, Thomas Mariotti and Jean Charles Rochet; 6. Comments on contracts Johannes Hörner; Part III. Decision Theory: 7. Ambiguity and the Bayesian paradigm Itzhak Gilboa and Massimo Marinacci; 8. Temptation Bart Lipman and Wolfgang Pesendorfer; 9. Comments on 'behavioral' decision theory Ran Spiegler; Part IV. Communication/Organization: 10. Giving and receiving advice Joel Sobel; 11. Organizational economics with cognitive costs Luis Garicano and Andrea Prat; Part V. Foundations Epistemics and Calibration: 12. Strategies and interactive beliefs in dynamic games Pierpaolo Battigalli, Alfredo Di Tillio and Dov Samet; 13. Calibration: respice, adspice, prospice Dean Foster and Rakesh Vohra; 14. Discussion of 'strategies and interactive beliefs in dynamic games' and of 'calibration: respice, adspice, prospice' Wojciech Olszewski; Part VI. Patents: Pros and Cons for Innovation and Efficiency: 15. Revisiting the relationship between competition, patenting, and innovation Philippe Aghion, Peter Howitt and Susanne Prantl; 16. Mechanisms for allocation and decentralization of patent rights Hugo Hopenhayn, Gerard Llobet and Matthew Mitchell.

Daron Acemoglu is the Elizabeth and James Killian Professor of Economics at the Massachusetts Institute of Technology and the recipient of the John Bates Clark Medal in 2005. He is the author of numerous works including Economic Origins of Dictatorship and Democracy, with James Robinson (Cambridge University Press, 2006) and Introduction to Modern Economic Growth (2009). He is the current editor of Econometrica.
Manuel Arellano is a Professor of Econometrics at CEMFI, Madrid. His many published articles have appeared in numerous journals, including Econometrica, the Journal of Econometrics, and The Economic Journal. He is the author of Panel Data Econometrics (2003) and currently serves as second vice-president of the Econometric Society.
Eddie Dekel is the William R. Kenan, Jr, Professor of Economics at Northwestern University and Grace and Daniel Ross Professor of Economics at Tel-Aviv University. He is a member of the American Academy of Arts and Sciences, a past editor of Econometrica and a current associate editor of Theoretical Economics and the Journal of Economic Literature.