Asymmetric Information/Information Asymmetry

Here is what Wikipedia says about 'Information Asymmetry', and as the name suggests - uneven spread of relevant information among different market participants. It is mentioned by economists more often than anybody else (recently by Levitt in 'Freakanomics').

The seminal paper that introduced the concept of asymmetric information is Nobel Prize winning economist Kenneth Arrow's "Uncertainty and the Welfare Economics of Medical Care", 1963. One of the later papers that popularized this work is another Nobel Prize winning economist George Akerlof's 1970 paper titled "The Market for 'Lemons'". Other noted economists who have contributed immensely to this area include Joseph Stiglitz, Michael Spence, James Mirrlees and William Hickery.

Some interesting reads..
"The Economics of Information" by Joseph J. Stigler
"A Nobel Prize for Asymmetric Information: The Economic Contributions of George Akerlof, Michael Spence, and Joseph Stiglitz"by J. Barkley Rosser Jr. (References has a list of all the papers by these three economists in the area of asymmetric information)
"Why Good Guys are not Selected by girls: a view based on adverse selection" by Sebastien Walti
"Market for Lemons: What George Akerlof learnt from India?"

Remembering KARGIL

Revisiting KARGIL after 6 years..

Duration: May 8 - July 14, 1999

Combatants : India and Pakistan
Victor: India

TRIBUTE TO THE HEROES

Related Links..
Global Security
US Navy's Center for Contemporary Conflict
RAND Corporation

Knowledge@W.P.Carey

Another excellent edition of Knowledge @ W.P.Carey! Better than the HBS, Emory and Wharton ones for the same period..

The major story being the Sino U.S. New Market Economy Forum - The recent announcement that CNOOC Limited, the dominant producer of crude oil and natural gas offshore China, is seeking to acquire U.S.-based Unocal Corp. was the latest bold move to focus attention on the burgeoning Chinese economy. Last month, a group of scholars and business leaders gathered for the Sino U.S. New Market Economy Forum - Beijing, sponsored by Peking University’s Guanghua School of Management and the W. P. Carey School of Business to discuss the market mechanisms necessary for the global integration of the Chinese economy. W. P. Carey Professor and Nobel Laureate Edward C. Prescott set the stage with an exposition of his ideas on the nature of the barriers to creating wealth.
The following topics were covered..
'Free Trade is Key to China's Economic Potential' by Edward C. Prescott, 2004 Nobel Prize winning economist.
'China's Potential Hinges on Smart, Sustainable Growth'
'Chinese Firms Launch Effort to Become Global Players'
'A Little Chaos Can Be Good for Labor Markets'
'China Steps Up Pace in Reform of Capital Markets'

Other interesting reads from the July 6-Aug 1 issue include..
'Troubled Automaker Faces Fight for Its Life' - Yes, the GM story - a supply-chain analysis of health-care costs, production technologies and supplier relationships in GM North America.
'Corporate Culture as a Roadmap to Success' - An article on the breakthrough research conducted to definitively examine the process by which corporate culture affects financial performance. Also check an interesting discussion on corporate culture at tompeters.com about Philip Purcell's departure from Morgan Stanley.

Books:

"Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else" by Hernando de Soto

"India Untouched: The Forgotten Face of Rural Poverty" by Abraham George

"India Unbound: The Social and Economic Revolution from Independence to the Global Information Age" by Gurcharan Das

Exit Tax - Emigration Tax for Non-Residents

Financial Express:
'Migrating after IIT? Pay up, says WB'

IMF Staff Papers:
‘Are Immigrant Remittance Flows a Source of Capital for Development?’ by Ralph Chami, Connel Fullenkamp and Samir Jahjah

Economist:
'Outward bound' by Mihir Desai

Times of India:
'Remote Control Tax’ – Editorial Page (Mihir Desai and Jug Suraiya)
‘A Taxing Idea at the Right Time?’ by Jairam Ramesh

Foreign Affairs:
‘Borders Beyond Control’ by Jagdish Bhagwati

Research Paper:
'The Silicon Valley - Hsinchu Connection: Technical Communities and Industrial Upgrading' by Annalee Saxenian

Thesis Draft:
'Economic Impact of Return Migration of Highly Skilled I.T. Professionals from the United States of India' by Shinu Singh

Please check the comments under the title 'fullymubbed' on this topic in another blog..