Economic Information, Decision, and Prediction. Selected Essays. I: I. Economics of Decision. II: II. Economics of Information & Organization. III: III. Money & Other Assets. IV. Economic Measurements. V. Contributions to the Logic of Economics. 3 Vols.

MARSCHAK, Jacob (1898-1977):

ISBN 10: 9027705445 / ISBN 13: 9789027705440

Published by Dordrecht & Boston: D. Reidel, 1974., 1974

About this Item

First Edition. xviii, 389, [1] pp; xii, 362 pp, 1 leaf; x, 399, [1=ads] pp. Original cloth. A Near Fine complete set, in near fine dust jackets (jacket of Vol. I is Very Good). Theory and Decision Library 7. 'Attempts by Marschak, Albert G. Hart, and others to clarify the concept of liquidity had shown how important anticipating new information was to economic behavior and launched Marschak on a series of studies regarding the economics of information. The value, or demand price, of information in any context was governed by the additional benefit that could be obtained by its optimal use, an approach he initiated in 1954 and summarized in 1971. This subject, originally broached by Marschak, has since become a major research area' (Kenneth J. Arrow, Biographical Memoirs, Vol. 60, 1991, National Academy of Sciences, pp. 140-1). It 'was Marschak's papers of 1954 and 1955 that made explicit the role of information in economic behavior and organization. Specifically, he considered the economic problems in the acquisition of information and the role of transmission of information from one individual to another in a cooperative organization. It is to these papers that the subsequent explosion in the economics of information . . . can be traced' (Kenneth J. Arrow, Cowles in the History of Economic Thought, Abstracted from the Cowles Fiftieth Anniversary Volume; Yale University Web site). ISBN for Volume II: 9027705453. ISBN for Volume III: 9027705461.

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Bibliographic Details

• Title: Economic Information, Decision, and Prediction. Selected Essays. I: I. Economics of Decision. II: II. Economics of Information & Organization. III: III. Money & Other Assets. IV. Economic Measurements. V. Contributions to the Logic of Economics. 3 Vols.
• Publisher: Dordrecht & Boston: D. Reidel, 1974.
• Publication Date: 1974
• Language: English
• ISBN 10: 9027705445
• ISBN 13: 9789027705440
• Binding: Hardcover
• Edition: 1st Edition
• Printing: 1st Printing
• Condition: Near Fine
• Dust Jacket Condition: Near Fine

About this title

Synopsis

The papers of Jacob Marschak which follow in these volumes are an extraordinary combination of original and fruitful departures in economic and social thought, superb clarity of exposition, and sensitivity to the values of earlier work and even competing traditions. They make us marvel alike at their variety, their quantity, and their quality. But they do not, even so, fully reflect Marschak's contributions to the development of social science. He has had an unusual influence as one who exercises leadership. In a formal, organizational sense, this role has been manifest in his capacity as Director of the Cowles Commission for Research in Economics, then at the University of Chicago, in that organization's most productive and influential period, and later in his central role in the Western Management Science Institute, at the University of California at Los Angeles. I can speak from first-hand knowledge about the first. His special capacities are, first, the recognition of promising new concepts and of promising young scholars, and, second, getting his colleagues to join him in developing the ideas and involving them fully in the necessary tasks. There was an unusual combination of strength and humility in his methods; a display of force in pushing the work along but a willingness, almost an insistence, on treating even the most junior associate as a fully equal colleague in intellectual develop­ ment, whose criticism of himself was to be encouraged. His leadership has been exercised in the absence of formal positions.