Information economics and game theory are both important branches of modern economics, which play a vital role in analyzing economic behavior and decision-making.
Information economics mainly studies the role and influence of information in economic activities, and it focuses on asymmetric information games. For example, when there is information asymmetry between buyers and sellers, how to design a market mechanism to realize the effective allocation of resources is the focus of information economics.
Game theory mainly studies the optimal decision-making and decision-making equilibrium when decision-makers interact with each other. It can be divided into cooperative game and non-cooperative game, in which non-cooperative game is the mainstream research direction. Game theory helps us to understand how people make rational choices under interdependent conditions.
In short, information economics studies decision-making and market mechanism design under information asymmetry, while game theory studies interaction and equilibrium strategies among multiple decision makers. Although there is an intersection between the two, the research emphasis and methods are different.
Research content of information economics
1, the economic function of information. Mainly study the economic attribute of information and its role in economic development; The position and function of information industry in national economy.
2. The cost and value of information. Mainly study the qualitative and quantitative description of information value; The relationship between the value and cost of information; The embodiment of information value.
3. The economic effect of information. Mainly study the ratio between the use value of information and labor consumption; Calculation and evaluation of information economic benefits.
Extended data:
Information economics calls the party who owns private information an agent. The party who doesn't know this information is called the principal. Therefore, the general information asymmetry problem can be attributed to the "principal-agent" model.
In the asymmetric information environment. The establishment condition of "principal-agent" relationship is that the remuneration paid by the principal to the agent is not lower than the opportunity cost of the latter's participation in this contract.
Asymmetric information environment is one of the important conditions for microeconomics. The perfect competition model of microeconomics is hard to really exist in reality.