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Search, Evaluate, and Read Evidence","\u002Fen\u002Facademic-writing\u002F02-reading-and-literature-matrix","en\u002Facademic-writing\u002F02-reading-and-literature-matrix",{"title":27,"path":28,"stem":29},"3. From Sources to Synthesis and Argument","\u002Fen\u002Facademic-writing\u002F03-arguments-outlines-and-paragraphs","en\u002Facademic-writing\u002F03-arguments-outlines-and-paragraphs",{"title":31,"path":32,"stem":33},"4. Literature Review and a Defensible Gap","\u002Fen\u002Facademic-writing\u002F04-writing-the-literature-review","en\u002Facademic-writing\u002F04-writing-the-literature-review",{"title":35,"path":36,"stem":37},"5. Research Design, Evidence, and Core Sections","\u002Fen\u002Facademic-writing\u002F05-core-sections-and-evidence","en\u002Facademic-writing\u002F05-core-sections-and-evidence",{"title":39,"path":40,"stem":41},"6. Citation, Paraphrasing, Integrity, and AI","\u002Fen\u002Facademic-writing\u002F06-citation-paraphrasing-and-integrity","en\u002Facademic-writing\u002F06-citation-paraphrasing-and-integrity",{"title":43,"path":44,"stem":45},"7. Revision, Review, and Submission","\u002Fen\u002Facademic-writing\u002F07-revision-style-and-submission","en\u002Facademic-writing\u002F07-revision-style-and-submission",{"title":47,"path":48,"stem":49},"8. Research Workbook","\u002Fen\u002Facademic-writing\u002F08-literature-review-checklist-and-template","en\u002Facademic-writing\u002F08-literature-review-checklist-and-template",{"title":51,"path":52,"stem":53},"9. Research Workflow and Tools","\u002Fen\u002Facademic-writing\u002F09-tools-for-academic-writing-and-literature-management","en\u002Facademic-writing\u002F09-tools-for-academic-writing-and-literature-management",{"title":55,"path":56,"stem":57},"10. Worked Project — From Question to Defensible Conclusion","\u002Fen\u002Facademic-writing\u002F10-worked-example-from-block-structure-to-question-chain","en\u002Facademic-writing\u002F10-worked-example-from-block-structure-to-question-chain",{"title":59,"path":60,"stem":61,"children":62,"page":249},"Accounting","\u002Fen\u002Faccounting","en\u002Faccounting",[63,69,87,93,193],{"title":64,"path":65,"stem":66,"children":67},"Accounting — From Evidence to Decisions","\u002Fen\u002Faccounting\u002F00-index","en\u002Faccounting\u002F00-index",[68],{"title":64,"path":65,"stem":66},{"title":70,"path":71,"stem":72,"children":73},"Accounting Appendix","\u002Fen\u002Faccounting\u002Fappendix","en\u002Faccounting\u002Fappendix\u002Findex",[74,75,79,83],{"title":70,"path":71,"stem":72},{"title":76,"path":77,"stem":78},"Worked Examples and Error Diagnosis","\u002Fen\u002Faccounting\u002Fappendix\u002F24-examples-pitfalls","en\u002Faccounting\u002Fappendix\u002F24-examples-pitfalls",{"title":80,"path":81,"stem":82},"Accounting Glossary","\u002Fen\u002Faccounting\u002Fappendix\u002F26-glossary","en\u002Faccounting\u002Fappendix\u002F26-glossary",{"title":84,"path":85,"stem":86},"Reading and Evidence Map","\u002Fen\u002Faccounting\u002Fappendix\u002F27-reading-map","en\u002Faccounting\u002Fappendix\u002F27-reading-map",{"title":88,"path":89,"stem":90,"children":91},"Northstar Record-to-Decision Capstone","\u002Fen\u002Faccounting\u002Fcapstone","en\u002Faccounting\u002Fcapstone\u002Findex",[92],{"title":88,"path":89,"stem":90},{"title":94,"path":95,"stem":96,"children":97},"Financial Accounting","\u002Fen\u002Faccounting\u002Ffinancial-accounting","en\u002Faccounting\u002Ffinancial-accounting\u002Findex",[98,99,117,131,165,179],{"title":94,"path":95,"stem":96},{"title":100,"path":101,"stem":102,"children":103},"1. Foundations","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002Findex",[104,105,109,113],{"title":100,"path":101,"stem":102},{"title":106,"path":107,"stem":108},"Objectives and Qualitative Characteristics","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F01-objectives-qualitative-characteristics","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F01-objectives-qualitative-characteristics",{"title":110,"path":111,"stem":112},"Equation and Elements","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F02-equation-elements","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F02-equation-elements",{"title":114,"path":115,"stem":116},"Accrual Basis, Estimates and Periods","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F03-accounting-bases-principles","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F03-accounting-bases-principles",{"title":118,"path":119,"stem":120,"children":121},"2. Recording Transactions","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002Findex",[122,123,127],{"title":118,"path":119,"stem":120},{"title":124,"path":125,"stem":126},"Double-Entry and Debit\u002FCredit","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F04-double-entry-dr-cr","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F04-double-entry-dr-cr",{"title":128,"path":129,"stem":130},"Accounting Cycle","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F05-accounting-cycle","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F05-accounting-cycle",{"title":132,"path":133,"stem":134,"children":135},"3. Measurement and Adjustments","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002Findex",[136,137,141,145,149,153,157,161],{"title":132,"path":133,"stem":134},{"title":138,"path":139,"stem":140},"Revenue Recognition","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F07-revenue-recognition","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F07-revenue-recognition",{"title":142,"path":143,"stem":144},"Inventory","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F08-inventory","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F08-inventory",{"title":146,"path":147,"stem":148},"Receivables and Expected Credit Losses","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F09-receivables","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F09-receivables",{"title":150,"path":151,"stem":152},"Property, Plant and Equipment","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F10-ppe","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F10-ppe",{"title":154,"path":155,"stem":156},"Intangible Assets","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F11-intangibles","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F11-intangibles",{"title":158,"path":159,"stem":160},"Leases","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F12-leases","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F12-leases",{"title":162,"path":163,"stem":164},"Current and Deferred Income Tax","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F13-income-tax","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F13-income-tax",{"title":166,"path":167,"stem":168,"children":169},"4. Reporting and Cash","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002Findex",[170,171,175],{"title":166,"path":167,"stem":168},{"title":172,"path":173,"stem":174},"Linked Financial Statements","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F06-financial-statements","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F06-financial-statements",{"title":176,"path":177,"stem":178},"Cash, Reconciliation and Internal Control","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F14-cash-control","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F14-cash-control",{"title":180,"path":181,"stem":182,"children":183},"5. Analysis and Comparison","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002Findex",[184,185,189],{"title":180,"path":181,"stem":182},{"title":186,"path":187,"stem":188},"Ratio Analysis","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F15-ratio-analysis","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F15-ratio-analysis",{"title":190,"path":191,"stem":192},"IFRS versus US GAAP","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F25-ifrs-gaap","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F25-ifrs-gaap",{"title":194,"path":195,"stem":196,"children":197},"Management Accounting","\u002Fen\u002Faccounting\u002Fmanagement-accounting","en\u002Faccounting\u002Fmanagement-accounting\u002Findex",[198,199,217,235],{"title":194,"path":195,"stem":196},{"title":200,"path":201,"stem":202,"children":203},"1. Cost Foundations","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002Findex",[204,205,209,213],{"title":200,"path":201,"stem":202},{"title":206,"path":207,"stem":208},"Cost Concepts and Behaviour","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F16-cost-concepts","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F16-cost-concepts",{"title":210,"path":211,"stem":212},"Costing Systems","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F17-costing-systems","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F17-costing-systems",{"title":214,"path":215,"stem":216},"Variable and Absorption Costing","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F19-variable-vs-absorption","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F19-variable-vs-absorption",{"title":218,"path":219,"stem":220,"children":221},"2. Planning and Control","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002Findex",[222,223,227,231],{"title":218,"path":219,"stem":220},{"title":224,"path":225,"stem":226},"Cost–Volume–Profit Analysis","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F18-cvp-analysis","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F18-cvp-analysis",{"title":228,"path":229,"stem":230},"Budgeting and Variance Analysis","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F20-budgeting-variances","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F20-budgeting-variances",{"title":232,"path":233,"stem":234},"Performance Measurement","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F21-performance-measurement","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F21-performance-measurement",{"title":236,"path":237,"stem":238,"children":239},"3. Decisions and Investment","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002Findex",[240,241,245],{"title":236,"path":237,"stem":238},{"title":242,"path":243,"stem":244},"Short-Term Decisions","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F22-short-term-decisions","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F22-short-term-decisions",{"title":246,"path":247,"stem":248},"Capital Budgeting","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F23-capital-budgeting","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F23-capital-budgeting",false,{"title":251,"path":252,"stem":253,"children":254,"page":249},"Business Analytics","\u002Fen\u002Fbusiness-analytics","en\u002Fbusiness-analytics",[255,261,279,305,335,365,383,400],{"title":256,"path":257,"stem":258,"children":259},"Business Analytics — From Data to Defensible Action","\u002Fen\u002Fbusiness-analytics\u002F00-index","en\u002Fbusiness-analytics\u002F00-index",[260],{"title":256,"path":257,"stem":258},{"title":262,"path":263,"stem":264,"children":265},"0. Decision and Data Foundations","\u002Fen\u002Fbusiness-analytics\u002F00-intro","en\u002Fbusiness-analytics\u002F00-intro\u002Findex",[266,267,271,275],{"title":262,"path":263,"stem":264},{"title":268,"path":269,"stem":270},"Decision Framing","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F01-decision-framing","en\u002Fbusiness-analytics\u002F00-intro\u002F01-decision-framing",{"title":272,"path":273,"stem":274},"Data Contracts","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F02-data-contracts","en\u002Fbusiness-analytics\u002F00-intro\u002F02-data-contracts",{"title":276,"path":277,"stem":278},"Reproducible Analytics Workflow","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F03-reproducible-workflow","en\u002Fbusiness-analytics\u002F00-intro\u002F03-reproducible-workflow",{"title":280,"path":281,"stem":282,"children":283},"1. Descriptive Analytics","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive","en\u002Fbusiness-analytics\u002F01-descriptive\u002Findex",[284,285,289,293,297,301],{"title":280,"path":281,"stem":282},{"title":286,"path":287,"stem":288},"Distributions and Exploratory Data Analysis","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F04-distributions-eda","en\u002Fbusiness-analytics\u002F01-descriptive\u002F04-distributions-eda",{"title":290,"path":291,"stem":292},"KPIs and Denominators","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F05-kpis-denominators","en\u002Fbusiness-analytics\u002F01-descriptive\u002F05-kpis-denominators",{"title":294,"path":295,"stem":296},"Segments, Cohorts and Funnels","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F06-segmentation-cohorts-funnels","en\u002Fbusiness-analytics\u002F01-descriptive\u002F06-segmentation-cohorts-funnels",{"title":298,"path":299,"stem":300},"Visual Evidence and Data Stories","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F07-visualisation-story","en\u002Fbusiness-analytics\u002F01-descriptive\u002F07-visualisation-story",{"title":302,"path":303,"stem":304},"Experiments and Causal Boundaries","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F08-experiments-causal-boundary","en\u002Fbusiness-analytics\u002F01-descriptive\u002F08-experiments-causal-boundary",{"title":306,"path":307,"stem":308,"children":309},"2. Predictive Analytics","\u002Fen\u002Fbusiness-analytics\u002F02-predictive","en\u002Fbusiness-analytics\u002F02-predictive\u002Findex",[310,311,315,319,323,327,331],{"title":306,"path":307,"stem":308},{"title":312,"path":313,"stem":314},"Validation, Baselines and Leakage","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F09-validation-leakage","en\u002Fbusiness-analytics\u002F02-predictive\u002F09-validation-leakage",{"title":316,"path":317,"stem":318},"Regression and Forecasting","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F10-regression-forecasting","en\u002Fbusiness-analytics\u002F02-predictive\u002F10-regression-forecasting",{"title":320,"path":321,"stem":322},"Classification and Calibration","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F11-classification-calibration","en\u002Fbusiness-analytics\u002F02-predictive\u002F11-classification-calibration",{"title":324,"path":325,"stem":326},"Trees and Ensembles","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F12-trees-ensembles","en\u002Fbusiness-analytics\u002F02-predictive\u002F12-trees-ensembles",{"title":328,"path":329,"stem":330},"Decision Metrics and Thresholds","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F13-decision-metrics-thresholds","en\u002Fbusiness-analytics\u002F02-predictive\u002F13-decision-metrics-thresholds",{"title":332,"path":333,"stem":334},"Explainability, Monitoring and Drift","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F14-explainability-drift","en\u002Fbusiness-analytics\u002F02-predictive\u002F14-explainability-drift",{"title":336,"path":337,"stem":338,"children":339},"3. Prescriptive Analytics","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive","en\u002Fbusiness-analytics\u002F03-prescriptive\u002Findex",[340,341,345,349,353,357,361],{"title":336,"path":337,"stem":338},{"title":342,"path":343,"stem":344},"Decision-Making under Uncertainty","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F15-decision-uncertainty","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F15-decision-uncertainty",{"title":346,"path":347,"stem":348},"Linear Optimisation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F16-linear-optimization","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F16-linear-optimization",{"title":350,"path":351,"stem":352},"Inventory and Allocation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F17-inventory-allocation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F17-inventory-allocation",{"title":354,"path":355,"stem":356},"Queueing and Simulation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F18-queueing-simulation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F18-queueing-simulation",{"title":358,"path":359,"stem":360},"Pricing and Revenue Management","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F19-pricing-experimentation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F19-pricing-experimentation",{"title":362,"path":363,"stem":364},"Causal Targeting and Policy Learning","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F20-causal-targeting","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F20-causal-targeting",{"title":366,"path":367,"stem":368,"children":369},"4. Deployment and Governance","\u002Fen\u002Fbusiness-analytics\u002F04-deployment","en\u002Fbusiness-analytics\u002F04-deployment\u002Findex",[370,371,375,379],{"title":366,"path":367,"stem":368},{"title":372,"path":373,"stem":374},"Data Products and Monitoring","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F21-data-products-monitoring","en\u002Fbusiness-analytics\u002F04-deployment\u002F21-data-products-monitoring",{"title":376,"path":377,"stem":378},"Governance, Fairness and Privacy","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F22-governance-fairness-privacy","en\u002Fbusiness-analytics\u002F04-deployment\u002F22-governance-fairness-privacy",{"title":380,"path":381,"stem":382},"Adoption and Business Value","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F23-adoption-value","en\u002Fbusiness-analytics\u002F04-deployment\u002F23-adoption-value",{"title":384,"path":385,"stem":386,"children":387},"Appendix and Revision Tools","\u002Fen\u002Fbusiness-analytics\u002Fappendix","en\u002Fbusiness-analytics\u002Fappendix\u002Findex",[388,389,393,397],{"title":384,"path":385,"stem":386},{"title":390,"path":391,"stem":392},"Formula and Decision Map","\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F24-formula-map","en\u002Fbusiness-analytics\u002Fappendix\u002F24-formula-map",{"title":394,"path":395,"stem":396},"Worked Examples and Pitfalls","\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F25-worked-examples-pitfalls","en\u002Fbusiness-analytics\u002Fappendix\u002F25-worked-examples-pitfalls",{"title":84,"path":398,"stem":399},"\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F26-reading-map","en\u002Fbusiness-analytics\u002Fappendix\u002F26-reading-map",{"title":401,"path":402,"stem":403,"children":404},"Capstone — The Evening Delivery Promise","\u002Fen\u002Fbusiness-analytics\u002Fcapstone","en\u002Fbusiness-analytics\u002Fcapstone\u002Findex",[405],{"title":401,"path":402,"stem":403},{"title":407,"path":408,"stem":409,"children":410,"page":249},"Financial Economic Time Series","\u002Fen\u002Ffinancial-economic-time-series","en\u002Ffinancial-economic-time-series",[411,417,423,429,435,441,447,453,459,465,471],{"title":412,"path":413,"stem":414,"children":415},"Financial and Economic Time Series — Course Guide","\u002Fen\u002Ffinancial-economic-time-series\u002F00-intro","en\u002Ffinancial-economic-time-series\u002F00-intro\u002Findex",[416],{"title":412,"path":413,"stem":414},{"title":418,"path":419,"stem":420,"children":421},"Three Versions of Time Series","\u002Fen\u002Ffinancial-economic-time-series\u002F01-bridge","en\u002Ffinancial-economic-time-series\u002F01-bridge\u002Findex",[422],{"title":418,"path":419,"stem":420},{"title":424,"path":425,"stem":426,"children":427},"Data, Clocks, and Transformations","\u002Fen\u002Ffinancial-economic-time-series\u002F02-data-transformations","en\u002Ffinancial-economic-time-series\u002F02-data-transformations\u002Findex",[428],{"title":424,"path":425,"stem":426},{"title":430,"path":431,"stem":432,"children":433},"Predictive Regressions and Persistent Predictors","\u002Fen\u002Ffinancial-economic-time-series\u002F03-predictive-regressions","en\u002Ffinancial-economic-time-series\u002F03-predictive-regressions\u002Findex",[434],{"title":430,"path":431,"stem":432},{"title":436,"path":437,"stem":438,"children":439},"Volatility, Tails, and Financial Risk","\u002Fen\u002Ffinancial-economic-time-series\u002F04-volatility-risk","en\u002Ffinancial-economic-time-series\u002F04-volatility-risk\u002Findex",[440],{"title":436,"path":437,"stem":438},{"title":442,"path":443,"stem":444,"children":445},"Unit Roots, Cointegration, and Error Correction","\u002Fen\u002Ffinancial-economic-time-series\u002F05-unit-roots-cointegration","en\u002Ffinancial-economic-time-series\u002F05-unit-roots-cointegration\u002Findex",[446],{"title":442,"path":443,"stem":444},{"title":448,"path":449,"stem":450,"children":451},"VAR, Structural Identification, and Local Projections","\u002Fen\u002Ffinancial-economic-time-series\u002F06-var-identification","en\u002Ffinancial-economic-time-series\u002F06-var-identification\u002Findex",[452],{"title":448,"path":449,"stem":450},{"title":454,"path":455,"stem":456,"children":457},"State Space, Mixed Frequency, and Nowcasting","\u002Fen\u002Ffinancial-economic-time-series\u002F07-state-space-nowcasting","en\u002Ffinancial-economic-time-series\u002F07-state-space-nowcasting\u002Findex",[458],{"title":454,"path":455,"stem":456},{"title":460,"path":461,"stem":462,"children":463},"Forecast Evaluation for Decisions","\u002Fen\u002Ffinancial-economic-time-series\u002F08-forecast-evaluation","en\u002Ffinancial-economic-time-series\u002F08-forecast-evaluation\u002Findex",[464],{"title":460,"path":461,"stem":462},{"title":466,"path":467,"stem":468,"children":469},"Integrated R Laboratory","\u002Fen\u002Ffinancial-economic-time-series\u002F09-r-laboratory","en\u002Ffinancial-economic-time-series\u002F09-r-laboratory\u002Findex",[470],{"title":466,"path":467,"stem":468},{"title":472,"path":473,"stem":474,"children":475},"Capstones, Data, and Reading Ladder","\u002Fen\u002Ffinancial-economic-time-series\u002F10-capstone-readings","en\u002Ffinancial-economic-time-series\u002F10-capstone-readings\u002Findex",[476],{"title":472,"path":473,"stem":474},{"title":478,"path":479,"stem":480,"children":481,"page":249},"Intro To Economics","\u002Fen\u002Fintro-to-economics","en\u002Fintro-to-economics",[482,486,490,494,498,502,506,510,514,518,522,526,530],{"title":483,"path":484,"stem":485},"Introduction to Economics — Decisions, Markets, and the Macroeconomy","\u002Fen\u002Fintro-to-economics\u002F00-intro","en\u002Fintro-to-economics\u002F00-intro",{"title":487,"path":488,"stem":489},"Chapter 1 — Choice, Opportunity Cost, and Trade","\u002Fen\u002Fintro-to-economics\u002F01-foundations","en\u002Fintro-to-economics\u002F01-foundations",{"title":491,"path":492,"stem":493},"Chapter 2 — Demand, Supply, Equilibrium, and Welfare","\u002Fen\u002Fintro-to-economics\u002F02-demand-and-supply","en\u002Fintro-to-economics\u002F02-demand-and-supply",{"title":495,"path":496,"stem":497},"Chapter 3 — Elasticity, Revenue, and Tax Incidence","\u002Fen\u002Fintro-to-economics\u002F03-elasticity","en\u002Fintro-to-economics\u002F03-elasticity",{"title":499,"path":500,"stem":501},"Chapter 4 — Firms, Market Power, and Market Failure","\u002Fen\u002Fintro-to-economics\u002F04-market-structures","en\u002Fintro-to-economics\u002F04-market-structures",{"title":503,"path":504,"stem":505},"Chapter 5 — GDP, Income, Wealth, and Welfare","\u002Fen\u002Fintro-to-economics\u002F05-gdp-and-wealth","en\u002Fintro-to-economics\u002F05-gdp-and-wealth",{"title":507,"path":508,"stem":509},"Chapter 6 — Inflation, Purchasing Power, and Labour Markets","\u002Fen\u002Fintro-to-economics\u002F06-inflation-and-unemployment","en\u002Fintro-to-economics\u002F06-inflation-and-unemployment",{"title":511,"path":512,"stem":513},"Chapter 7 — Productivity, Technology, and Economic Growth","\u002Fen\u002Fintro-to-economics\u002F07-economic-growth","en\u002Fintro-to-economics\u002F07-economic-growth",{"title":515,"path":516,"stem":517},"Chapter 8 — Money, Credit, and Banking","\u002Fen\u002Fintro-to-economics\u002F08-money-and-banking","en\u002Fintro-to-economics\u002F08-money-and-banking",{"title":519,"path":520,"stem":521},"Chapter 9 — Business Cycles, AD–AS, and Monetary Policy","\u002Fen\u002Fintro-to-economics\u002F09-monetary-policy-and-ad-as","en\u002Fintro-to-economics\u002F09-monetary-policy-and-ad-as",{"title":523,"path":524,"stem":525},"Chapter 10 — Fiscal Policy, Distribution, and Public Debt","\u002Fen\u002Fintro-to-economics\u002F10-fiscal-policy","en\u002Fintro-to-economics\u002F10-fiscal-policy",{"title":527,"path":528,"stem":529},"Chapter 11 — Trade, Capital Flows, and Exchange Rates","\u002Fen\u002Fintro-to-economics\u002F11-open-economy-and-exchange-rates","en\u002Fintro-to-economics\u002F11-open-economy-and-exchange-rates",{"title":531,"path":532,"stem":533},"Chapter 12 — Integrated Economic Analysis Studio","\u002Fen\u002Fintro-to-economics\u002F12-review-and-case-studies","en\u002Fintro-to-economics\u002F12-review-and-case-studies",{"title":535,"path":536,"stem":537,"children":538,"page":249},"Microeconometrics","\u002Fen\u002Fmicroeconometrics","en\u002Fmicroeconometrics",[539,557,563,581,603,629,651,673,691,709],{"title":540,"path":541,"stem":542,"children":543},"0. Causal Questions and Designs","\u002Fen\u002Fmicroeconometrics\u002F00-foundations","en\u002Fmicroeconometrics\u002F00-foundations\u002Findex",[544,545,549,553],{"title":540,"path":541,"stem":542},{"title":546,"path":547,"stem":548},"Causal Questions and Estimands","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F01-causal-question-estimands","en\u002Fmicroeconometrics\u002F00-foundations\u002F01-causal-question-estimands",{"title":550,"path":551,"stem":552},"Potential Outcomes and Experiments","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F02-potential-outcomes-experiments","en\u002Fmicroeconometrics\u002F00-foundations\u002F02-potential-outcomes-experiments",{"title":554,"path":555,"stem":556},"Causal Diagrams and Controls","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F03-dags-controls","en\u002Fmicroeconometrics\u002F00-foundations\u002F03-dags-controls",{"title":558,"path":559,"stem":560,"children":561},"Microeconometrics — Designing Credible Counterfactuals","\u002Fen\u002Fmicroeconometrics\u002F00-index","en\u002Fmicroeconometrics\u002F00-index",[562],{"title":558,"path":559,"stem":560},{"title":564,"path":565,"stem":566,"children":567},"1. Regression and Inference","\u002Fen\u002Fmicroeconometrics\u002F01-regression","en\u002Fmicroeconometrics\u002F01-regression\u002Findex",[568,569,573,577],{"title":564,"path":565,"stem":566},{"title":570,"path":571,"stem":572},"OLS as a Projection","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F04-ols-projection","en\u002Fmicroeconometrics\u002F01-regression\u002F04-ols-projection",{"title":574,"path":575,"stem":576},"FWL, Selection and Controls","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F05-fwl-selection-controls","en\u002Fmicroeconometrics\u002F01-regression\u002F05-fwl-selection-controls",{"title":578,"path":579,"stem":580},"Inference and Clustering","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F06-inference-clustering","en\u002Fmicroeconometrics\u002F01-regression\u002F06-inference-clustering",{"title":582,"path":583,"stem":584,"children":585},"2. Instruments and Panel Data","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel","en\u002Fmicroeconometrics\u002F02-iv-panel\u002Findex",[586,587,591,595,599],{"title":582,"path":583,"stem":584},{"title":588,"path":589,"stem":590},"Instrumental Variables","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F07-iv-identification","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F07-iv-identification",{"title":592,"path":593,"stem":594},"Weak Instruments and LATE","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F08-weak-iv-late","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F08-weak-iv-late",{"title":596,"path":597,"stem":598},"Panel Fixed Effects","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F09-panel-fixed-effects","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F09-panel-fixed-effects",{"title":600,"path":601,"stem":602},"Dynamic Panels and Limits","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F10-dynamic-panel","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F10-dynamic-panel",{"title":604,"path":605,"stem":606,"children":607},"3. Policy Evaluation Designs","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs","en\u002Fmicroeconometrics\u002F03-policy-designs\u002Findex",[608,609,613,617,621,625],{"title":604,"path":605,"stem":606},{"title":610,"path":611,"stem":612},"Difference-in-Differences","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F11-did-core","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F11-did-core",{"title":614,"path":615,"stem":616},"Staggered DID and Event Studies","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F12-staggered-event-studies","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F12-staggered-event-studies",{"title":618,"path":619,"stem":620},"Regression Discontinuity","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F13-rdd","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F13-rdd",{"title":622,"path":623,"stem":624},"Matching, Weighting and Overlap","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F14-matching-weighting","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F14-matching-weighting",{"title":626,"path":627,"stem":628},"Synthetic Control","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F15-synthetic-control","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F15-synthetic-control",{"title":630,"path":631,"stem":632,"children":633},"Module 4 — Choice and Limited Outcomes","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002Findex",[634,635,639,643,647],{"title":630,"path":631,"stem":632},{"title":636,"path":637,"stem":638},"Binary Choice","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F16-binary-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F16-binary-choice",{"title":640,"path":641,"stem":642},"Multinomial and Ordered Choice","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F17-multinomial-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F17-multinomial-choice",{"title":644,"path":645,"stem":646},"Count Outcomes","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F18-count-outcomes","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F18-count-outcomes",{"title":648,"path":649,"stem":650},"Censoring, Truncation and Selection","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F19-censoring-selection","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F19-censoring-selection",{"title":652,"path":653,"stem":654,"children":655},"Module 5 — Modern Causal Analysis","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal","en\u002Fmicroeconometrics\u002F05-modern-causal\u002Findex",[656,657,661,665,669],{"title":652,"path":653,"stem":654},{"title":658,"path":659,"stem":660},"Double Machine Learning","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F20-dml","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F20-dml",{"title":662,"path":663,"stem":664},"Heterogeneity and Policy Learning","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F21-heterogeneity-policy","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F21-heterogeneity-policy",{"title":666,"path":667,"stem":668},"Sensitivity and Partial Identification","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F22-sensitivity-partial-id","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F22-sensitivity-partial-id",{"title":670,"path":671,"stem":672},"External Validity and Transport","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F23-external-validity","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F23-external-validity",{"title":674,"path":675,"stem":676,"children":677},"Module 6 — From Data to Auditable Evidence","\u002Fen\u002Fmicroeconometrics\u002F06-workflow","en\u002Fmicroeconometrics\u002F06-workflow\u002Findex",[678,679,683,687],{"title":674,"path":675,"stem":676},{"title":680,"path":681,"stem":682},"Data Provenance","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F24-data-provenance","en\u002Fmicroeconometrics\u002F06-workflow\u002F24-data-provenance",{"title":684,"path":685,"stem":686},"Reproducibility and Reporting","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F25-reproducibility-reporting","en\u002Fmicroeconometrics\u002F06-workflow\u002F25-reproducibility-reporting",{"title":688,"path":689,"stem":690},"Paper and Evidence Audit","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F26-paper-audit","en\u002Fmicroeconometrics\u002F06-workflow\u002F26-paper-audit",{"title":692,"path":693,"stem":694,"children":695},"Appendix — Revision and Evidence Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix","en\u002Fmicroeconometrics\u002Fappendix\u002Findex",[696,697,701,705],{"title":692,"path":693,"stem":694},{"title":698,"path":699,"stem":700},"Formula and Design Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F27-formula-design-map","en\u002Fmicroeconometrics\u002Fappendix\u002F27-formula-design-map",{"title":702,"path":703,"stem":704},"Ten Worked Microeconometric Pitfalls","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F28-worked-pitfalls","en\u002Fmicroeconometrics\u002Fappendix\u002F28-worked-pitfalls",{"title":706,"path":707,"stem":708},"Reading and Software Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F29-reading-software-map","en\u002Fmicroeconometrics\u002Fappendix\u002F29-reading-software-map",{"title":710,"path":711,"stem":712,"children":713},"Capstone — Should Northbridge Expand Pathways?","\u002Fen\u002Fmicroeconometrics\u002Fcapstone","en\u002Fmicroeconometrics\u002Fcapstone\u002Findex",[714],{"title":710,"path":711,"stem":712},{"title":716,"path":717,"stem":718,"children":719,"page":249},"Microeconomics","\u002Fen\u002Fmicroeconomics","en\u002Fmicroeconomics",[720,726,732,738,744,750,756,762,768,774,780,786,792],{"title":721,"path":722,"stem":723,"children":724},"Advanced Microeconomics — Course Guide","\u002Fen\u002Fmicroeconomics\u002F00-intro","en\u002Fmicroeconomics\u002F00-intro\u002Findex",[725],{"title":721,"path":722,"stem":723},{"title":727,"path":728,"stem":729,"children":730},"Module 1 — Choice, Duality, and Revealed Preference","\u002Fen\u002Fmicroeconomics\u002F01-fundations","en\u002Fmicroeconomics\u002F01-fundations\u002Findex",[731],{"title":727,"path":728,"stem":729},{"title":733,"path":734,"stem":735,"children":736},"Module 2 — Comparative Statics and Welfare Measurement","\u002Fen\u002Fmicroeconomics\u002F02-comparative-statics","en\u002Fmicroeconomics\u002F02-comparative-statics\u002Findex",[737],{"title":733,"path":734,"stem":735},{"title":739,"path":740,"stem":741,"children":742},"Module 3 — Choice under Risk and Insurance","\u002Fen\u002Fmicroeconomics\u002F03-uncertainty","en\u002Fmicroeconomics\u002F03-uncertainty\u002Findex",[743],{"title":739,"path":740,"stem":741},{"title":745,"path":746,"stem":747,"children":748},"Module 4 — General Equilibrium and Welfare","\u002Fen\u002Fmicroeconomics\u002F04-general-equilibrium","en\u002Fmicroeconomics\u002F04-general-equilibrium\u002Findex",[749],{"title":745,"path":746,"stem":747},{"title":751,"path":752,"stem":753,"children":754},"Module 5 — Static, Dynamic, and Repeated Games","\u002Fen\u002Fmicroeconomics\u002F05-game-theory","en\u002Fmicroeconomics\u002F05-game-theory\u002Findex",[755],{"title":751,"path":752,"stem":753},{"title":757,"path":758,"stem":759,"children":760},"Module 6 — Oligopoly, Entry, and Algorithmic Pricing","\u002Fen\u002Fmicroeconomics\u002F06-oligopoly","en\u002Fmicroeconomics\u002F06-oligopoly\u002Findex",[761],{"title":757,"path":758,"stem":759},{"title":763,"path":764,"stem":765,"children":766},"Module 7 — Information Economics and Contracts","\u002Fen\u002Fmicroeconomics\u002F07-information-economics","en\u002Fmicroeconomics\u002F07-information-economics\u002Findex",[767],{"title":763,"path":764,"stem":765},{"title":769,"path":770,"stem":771,"children":772},"Module 8 — Mechanism Design and Auctions","\u002Fen\u002Fmicroeconomics\u002F08-mechanism-design","en\u002Fmicroeconomics\u002F08-mechanism-design\u002Findex",[773],{"title":769,"path":770,"stem":771},{"title":775,"path":776,"stem":777,"children":778},"Module 9 — Behavioural and Experimental Microeconomics","\u002Fen\u002Fmicroeconomics\u002F09-behavioural-economics","en\u002Fmicroeconomics\u002F09-behavioural-economics\u002Findex",[779],{"title":775,"path":776,"stem":777},{"title":781,"path":782,"stem":783,"children":784},"Module 10 — Externalities, Public Goods, and Collective Action","\u002Fen\u002Fmicroeconomics\u002F10-externalities-public-goods","en\u002Fmicroeconomics\u002F10-externalities-public-goods\u002Findex",[785],{"title":781,"path":782,"stem":783},{"title":787,"path":788,"stem":789,"children":790},"Module 11 — Matching and Market Design","\u002Fen\u002Fmicroeconomics\u002F11-market-design","en\u002Fmicroeconomics\u002F11-market-design\u002Findex",[791],{"title":787,"path":788,"stem":789},{"title":793,"path":794,"stem":795,"children":796},"Module 12 — Integrated Microeconomic Design Studio","\u002Fen\u002Fmicroeconomics\u002F12-review","en\u002Fmicroeconomics\u002F12-review\u002Findex",[797],{"title":793,"path":794,"stem":795},{"title":799,"path":800,"stem":801,"children":802},"Playground","\u002Fen\u002Fplayground","en\u002Fplayground\u002Findex",[803,804,808,812,816,820],{"title":799,"path":800,"stem":801},{"title":805,"path":806,"stem":807},"Typst Plugin Playground","\u002Fen\u002Fplayground\u002F01-typstex","en\u002Fplayground\u002F01-typstex",{"title":809,"path":810,"stem":811},"Citation Plugin Test","\u002Fen\u002Fplayground\u002F02-citation","en\u002Fplayground\u002F02-citation",{"title":813,"path":814,"stem":815},"Pyodide Playground","\u002Fen\u002Fplayground\u002F03-pyodide","en\u002Fplayground\u002F03-pyodide",{"title":817,"path":818,"stem":819},"WebR Playground","\u002Fen\u002Fplayground\u002F04-webr","en\u002Fplayground\u002F04-webr",{"title":821,"path":822,"stem":823},"Chart.js 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文献综述的构建与写作","\u002Fzh\u002Facademic-writing\u002F04-writing-the-literature-review","zh\u002Facademic-writing\u002F04-writing-the-literature-review",{"title":1056,"path":1057,"stem":1058},"8. 文献综述清单与模板","\u002Fzh\u002Facademic-writing\u002F08-literature-review-checklist-and-template","zh\u002Facademic-writing\u002F08-literature-review-checklist-and-template",{"title":1060,"path":1061,"stem":1062},"10. 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策略全流程","\u002Fzh\u002Fquant\u002F09-case-study","zh\u002Fquant\u002F09-case-study",{"title":1779,"path":1780,"stem":1781},"量化投资文献与软件图谱","\u002Fzh\u002Fquant\u002F10-reading-software-map","zh\u002Fquant\u002F10-reading-software-map",{"path":1591},{"id":1784,"title":763,"body":1785,"description":4220,"extension":4221,"features":4222,"hero":4222,"layout":4222,"locale":4222,"meta":4223,"navigation":4222,"path":764,"published":4224,"seo":4225,"stem":765,"__hash__":4226},"docs\u002Fen\u002Fmicroeconomics\u002F07-information-economics\u002Findex.md",{"type":1786,"value":1787,"toc":4201},"minimark",[1788,1792,1797,1801,1805,1808,1827,1831,1898,1901,1905,1917,1924,2140,2143,2373,2376,2379,2383,2386,2389,2624,2631,2764,2895,2902,2907,2911,2924,2929,3241,3245,3498,3751,3754,3758,3773,3776,3868,3871,3926,3933,4031,4038,4041,4045,4060,4063,4067,4078,4081,4108,4111,4115,4118,4141,4145,4170,4174,4191],[1789,1790,763],"h1",{"id":1791},"module-7-information-economics-and-contracts",[1793,1794,1796],"h2",{"id":1795},"core-question","Core question",[1798,1799,1800],"p",{},"What allocation can be sustained when one side privately knows its type or can take an action that the other side cannot observe?",[1793,1802,1804],{"id":1803},"learning-outcomes","Learning outcomes",[1798,1806,1807],{},"You will be able to:",[1809,1810,1811,1815,1818,1821,1824],"ul",{},[1812,1813,1814],"li",{},"classify hidden-type and hidden-action problems by timing;",[1812,1816,1817],{},"solve a simple lemons market and signalling equilibrium;",[1812,1819,1820],{},"write participation and incentive-compatibility constraints;",[1812,1822,1823],{},"design a screening menu or performance contract;",[1812,1825,1826],{},"distinguish predictive accuracy, allocative effects, and fairness in algorithmic credit.",[1793,1828,1830],{"id":1829},"_1-diagnose-what-is-hidden-and-when","1. Diagnose what is hidden and when",[1832,1833,1834,1853],"table",{},[1835,1836,1837],"thead",{},[1838,1839,1840,1844,1847,1850],"tr",{},[1841,1842,1843],"th",{},"Problem",[1841,1845,1846],{},"Hidden object",[1841,1848,1849],{},"Timing",[1841,1851,1852],{},"Typical response",[1854,1855,1856,1871,1885],"tbody",{},[1838,1857,1858,1862,1865,1868],{},[1859,1860,1861],"td",{},"adverse selection",[1859,1863,1864],{},"type\u002Frisk\u002Fquality",[1859,1866,1867],{},"before contracting",[1859,1869,1870],{},"screening, signalling, mandate",[1838,1872,1873,1876,1879,1882],{},[1859,1874,1875],{},"moral hazard",[1859,1877,1878],{},"effort\u002Faction",[1859,1880,1881],{},"after contracting",[1859,1883,1884],{},"monitoring, deductible, bonus",[1838,1886,1887,1890,1893,1895],{},[1859,1888,1889],{},"hidden information",[1859,1891,1892],{},"state learned by agent",[1859,1894,1881],{},[1859,1896,1897],{},"state-contingent report mechanism",[1798,1899,1900],{},"“Information asymmetry” is not yet a model. Identify who knows what, whether it is verifiable, and which actions or transfers can depend on it.",[1793,1902,1904],{"id":1903},"_2-adverse-selection-a-numerical-lemons-market","2. Adverse selection: a numerical lemons market",[1798,1906,1907,1908,1912,1913,1916],{},"Cars are high (",[1909,1910,1911],"code",{},"H",") or low (",[1909,1914,1915],{},"L",") quality. Buyers value them at 12 and 6; sellers' reservation values are 10 and 4. Under observable quality, both types trade and each trade creates surplus 2.",[1798,1918,1919,1920,1923],{},"If quality is hidden and buyers believe fraction ",[1909,1921,1922],{},"θ"," is high, the maximum pooling price is:",[1925,1926,1929],"span",{"className":1927},[1928],"katex-display",[1925,1930,1933,2001],{"className":1931},[1932],"katex",[1925,1934,1937],{"className":1935},[1936],"katex-mathml",[1938,1939,1942],"math",{"xmlns":1940,"display":1941},"http:\u002F\u002Fwww.w3.org\u002F1998\u002FMath\u002FMathML","block",[1943,1944,1945,1996],"semantics",{},[1946,1947,1948,1951,1955,1959,1961,1964,1967,1971,1974,1977,1979,1982,1984,1986,1988,1990,1992],"mrow",{},[1949,1950,1798],"mi",{},[1952,1953,1954],"mo",{},"=",[1956,1957,1958],"mn",{},"12",[1949,1960,1922],{},[1952,1962,1963],{},"+",[1956,1965,1966],{},"6",[1952,1968,1970],{"stretchy":1969},"false","(",[1956,1972,1973],{},"1",[1952,1975,1976],{},"−",[1949,1978,1922],{},[1952,1980,1981],{"stretchy":1969},")",[1952,1983,1954],{},[1956,1985,1966],{},[1952,1987,1963],{},[1956,1989,1966],{},[1949,1991,1922],{},[1949,1993,1995],{"mathvariant":1994},"normal",".",[1997,1998,2000],"annotation",{"encoding":1999},"application\u002Fx-tex","p=12\\theta+6(1-\\theta)=6+6\\theta.",[1925,2002,2006,2032,2057,2083,2105,2124],{"className":2003,"ariaHidden":2005},[2004],"katex-html","true",[1925,2007,2010,2015,2020,2025,2029],{"className":2008},[2009],"base",[1925,2011],{"className":2012,"style":2014},[2013],"strut","height:0.625em;vertical-align:-0.1944em;",[1925,2016,1798],{"className":2017},[2018,2019],"mord","mathnormal",[1925,2021],{"className":2022,"style":2024},[2023],"mspace","margin-right:0.2778em;",[1925,2026,1954],{"className":2027},[2028],"mrel",[1925,2030],{"className":2031,"style":2024},[2023],[1925,2033,2035,2039,2042,2046,2050,2054],{"className":2034},[2009],[1925,2036],{"className":2037,"style":2038},[2013],"height:0.7778em;vertical-align:-0.0833em;",[1925,2040,1958],{"className":2041},[2018],[1925,2043,1922],{"className":2044,"style":2045},[2018,2019],"margin-right:0.0278em;",[1925,2047],{"className":2048,"style":2049},[2023],"margin-right:0.2222em;",[1925,2051,1963],{"className":2052},[2053],"mbin",[1925,2055],{"className":2056,"style":2049},[2023],[1925,2058,2060,2064,2067,2071,2074,2077,2080],{"className":2059},[2009],[1925,2061],{"className":2062,"style":2063},[2013],"height:1em;vertical-align:-0.25em;",[1925,2065,1966],{"className":2066},[2018],[1925,2068,1970],{"className":2069},[2070],"mopen",[1925,2072,1973],{"className":2073},[2018],[1925,2075],{"className":2076,"style":2049},[2023],[1925,2078,1976],{"className":2079},[2053],[1925,2081],{"className":2082,"style":2049},[2023],[1925,2084,2086,2089,2092,2096,2099,2102],{"className":2085},[2009],[1925,2087],{"className":2088,"style":2063},[2013],[1925,2090,1922],{"className":2091,"style":2045},[2018,2019],[1925,2093,1981],{"className":2094},[2095],"mclose",[1925,2097],{"className":2098,"style":2024},[2023],[1925,2100,1954],{"className":2101},[2028],[1925,2103],{"className":2104,"style":2024},[2023],[1925,2106,2108,2112,2115,2118,2121],{"className":2107},[2009],[1925,2109],{"className":2110,"style":2111},[2013],"height:0.7278em;vertical-align:-0.0833em;",[1925,2113,1966],{"className":2114},[2018],[1925,2116],{"className":2117,"style":2049},[2023],[1925,2119,1963],{"className":2120},[2053],[1925,2122],{"className":2123,"style":2049},[2023],[1925,2125,2127,2131,2134,2137],{"className":2126},[2009],[1925,2128],{"className":2129,"style":2130},[2013],"height:0.6944em;",[1925,2132,1966],{"className":2133},[2018],[1925,2135,1922],{"className":2136,"style":2045},[2018,2019],[1925,2138,1995],{"className":2139},[2018],[1798,2141,2142],{},"High-quality sellers participate only if:",[1925,2144,2146],{"className":2145},[1928],[1925,2147,2149,2199],{"className":2148},[1932],[1925,2150,2152],{"className":2151},[1936],[1938,2153,2154],{"xmlns":1940,"display":1941},[1943,2155,2156,2196],{},[1946,2157,2158,2160,2162,2164,2166,2169,2172,2176,2179,2181,2183,2185,2194],{},[1956,2159,1966],{},[1952,2161,1963],{},[1956,2163,1966],{},[1949,2165,1922],{},[1952,2167,2168],{},"≥",[1956,2170,2171],{},"10",[2173,2174,2175],"mtext",{},"  ",[1952,2177,2178],{},"⟺",[2173,2180,2175],{},[1949,2182,1922],{},[1952,2184,2168],{},[2186,2187,2188,2191],"mfrac",{},[1956,2189,2190],{},"2",[1956,2192,2193],{},"3",[1949,2195,1995],{"mathvariant":1994},[1997,2197,2198],{"encoding":1999},"6+6\\theta\\ge10\\iff\\theta\\ge\\frac23.",[1925,2200,2202,2220,2242,2267,2285],{"className":2201,"ariaHidden":2005},[2004],[1925,2203,2205,2208,2211,2214,2217],{"className":2204},[2009],[1925,2206],{"className":2207,"style":2111},[2013],[1925,2209,1966],{"className":2210},[2018],[1925,2212],{"className":2213,"style":2049},[2023],[1925,2215,1963],{"className":2216},[2053],[1925,2218],{"className":2219,"style":2049},[2023],[1925,2221,2223,2227,2230,2233,2236,2239],{"className":2222},[2009],[1925,2224],{"className":2225,"style":2226},[2013],"height:0.8304em;vertical-align:-0.136em;",[1925,2228,1966],{"className":2229},[2018],[1925,2231,1922],{"className":2232,"style":2045},[2018,2019],[1925,2234],{"className":2235,"style":2024},[2023],[1925,2237,2168],{"className":2238},[2028],[1925,2240],{"className":2241,"style":2024},[2023],[1925,2243,2245,2249,2252,2255,2258,2261,2264],{"className":2244},[2009],[1925,2246],{"className":2247,"style":2248},[2013],"height:0.6684em;vertical-align:-0.024em;",[1925,2250,2171],{"className":2251},[2018],[1925,2253],{"className":2254,"style":2024},[2023],[1925,2256],{"className":2257,"style":2024},[2023],[1925,2259,2178],{"className":2260},[2028],[1925,2262],{"className":2263,"style":2024},[2023],[1925,2265],{"className":2266,"style":2024},[2023],[1925,2268,2270,2273,2276,2279,2282],{"className":2269},[2009],[1925,2271],{"className":2272,"style":2226},[2013],[1925,2274,1922],{"className":2275,"style":2045},[2018,2019],[1925,2277],{"className":2278,"style":2024},[2023],[1925,2280,2168],{"className":2281},[2028],[1925,2283],{"className":2284,"style":2024},[2023],[1925,2286,2288,2292,2370],{"className":2287},[2009],[1925,2289],{"className":2290,"style":2291},[2013],"height:2.0074em;vertical-align:-0.686em;",[1925,2293,2295,2299,2367],{"className":2294},[2018],[1925,2296],{"className":2297},[2070,2298],"nulldelimiter",[1925,2300,2302],{"className":2301},[2186],[1925,2303,2307,2358],{"className":2304},[2305,2306],"vlist-t","vlist-t2",[1925,2308,2311,2353],{"className":2309},[2310],"vlist-r",[1925,2312,2316,2330,2341],{"className":2313,"style":2315},[2314],"vlist","height:1.3214em;",[1925,2317,2319,2324],{"style":2318},"top:-2.314em;",[1925,2320],{"className":2321,"style":2323},[2322],"pstrut","height:3em;",[1925,2325,2327],{"className":2326},[2018],[1925,2328,2193],{"className":2329},[2018],[1925,2331,2333,2336],{"style":2332},"top:-3.23em;",[1925,2334],{"className":2335,"style":2323},[2322],[1925,2337],{"className":2338,"style":2340},[2339],"frac-line","border-bottom-width:0.04em;",[1925,2342,2344,2347],{"style":2343},"top:-3.677em;",[1925,2345],{"className":2346,"style":2323},[2322],[1925,2348,2350],{"className":2349},[2018],[1925,2351,2190],{"className":2352},[2018],[1925,2354,2357],{"className":2355},[2356],"vlist-s","​",[1925,2359,2361],{"className":2360},[2310],[1925,2362,2365],{"className":2363,"style":2364},[2314],"height:0.686em;",[1925,2366],{},[1925,2368],{"className":2369},[2095,2298],[1925,2371,1995],{"className":2372},[2018],[1798,2374,2375],{},"If buyers expect fewer high-quality cars, high-quality sellers leave. The pool then becomes worse, validating a lower price. Mutually beneficial high-quality trade disappears.",[1798,2377,2378],{},"The model does not say every used-goods market collapses. Warranties, inspections, reputation, repeat trade, certification, and law can change information and incentives.",[1793,2380,2382],{"id":2381},"_3-signalling-informed-agents-move-first","3. Signalling: informed agents move first",[1798,2384,2385],{},"A signal is costly and observed. It can separate types when the cost differs enough by type.",[1798,2387,2388],{},"Suppose high productivity earns 10, low productivity earns 6. Education has no productivity effect, but costs:",[1925,2390,2392],{"className":2391},[1928],[1925,2393,2395,2452],{"className":2394},[1932],[1925,2396,2398],{"className":2397},[1936],[1938,2399,2400],{"xmlns":1940,"display":1941},[1943,2401,2402,2449],{},[1946,2403,2404,2412,2414,2417,2419,2421,2423,2426,2429,2435,2437,2439,2441,2443,2445,2447],{},[2405,2406,2407,2410],"msub",{},[1949,2408,2409],{},"c",[1949,2411,1911],{},[1952,2413,1970],{"stretchy":1969},[1949,2415,2416],{},"e",[1952,2418,1981],{"stretchy":1969},[1952,2420,1954],{},[1949,2422,2416],{},[1952,2424,2425],{"separator":2005},",",[2023,2427],{"width":2428},"2em",[2405,2430,2431,2433],{},[1949,2432,2409],{},[1949,2434,1915],{},[1952,2436,1970],{"stretchy":1969},[1949,2438,2416],{},[1952,2440,1981],{"stretchy":1969},[1952,2442,1954],{},[1956,2444,2190],{},[1949,2446,2416],{},[1949,2448,1995],{"mathvariant":1994},[1997,2450,2451],{"encoding":1999},"c_H(e)=e,\\qquad c_L(e)=2e.",[1925,2453,2455,2529,2608],{"className":2454,"ariaHidden":2005},[2004],[1925,2456,2458,2461,2511,2514,2517,2520,2523,2526],{"className":2457},[2009],[1925,2459],{"className":2460,"style":2063},[2013],[1925,2462,2464,2467],{"className":2463},[2018],[1925,2465,2409],{"className":2466},[2018,2019],[1925,2468,2471],{"className":2469},[2470],"msupsub",[1925,2472,2474,2502],{"className":2473},[2305,2306],[1925,2475,2477,2499],{"className":2476},[2310],[1925,2478,2481],{"className":2479,"style":2480},[2314],"height:0.3283em;",[1925,2482,2484,2488],{"style":2483},"top:-2.55em;margin-left:0em;margin-right:0.05em;",[1925,2485],{"className":2486,"style":2487},[2322],"height:2.7em;",[1925,2489,2495],{"className":2490},[2491,2492,2493,2494],"sizing","reset-size6","size3","mtight",[1925,2496,1911],{"className":2497,"style":2498},[2018,2019,2494],"margin-right:0.0813em;",[1925,2500,2357],{"className":2501},[2356],[1925,2503,2505],{"className":2504},[2310],[1925,2506,2509],{"className":2507,"style":2508},[2314],"height:0.15em;",[1925,2510],{},[1925,2512,1970],{"className":2513},[2070],[1925,2515,2416],{"className":2516},[2018,2019],[1925,2518,1981],{"className":2519},[2095],[1925,2521],{"className":2522,"style":2024},[2023],[1925,2524,1954],{"className":2525},[2028],[1925,2527],{"className":2528,"style":2024},[2023],[1925,2530,2532,2535,2538,2542,2546,2550,2590,2593,2596,2599,2602,2605],{"className":2531},[2009],[1925,2533],{"className":2534,"style":2063},[2013],[1925,2536,2416],{"className":2537},[2018,2019],[1925,2539,2425],{"className":2540},[2541],"mpunct",[1925,2543],{"className":2544,"style":2545},[2023],"margin-right:2em;",[1925,2547],{"className":2548,"style":2549},[2023],"margin-right:0.1667em;",[1925,2551,2553,2556],{"className":2552},[2018],[1925,2554,2409],{"className":2555},[2018,2019],[1925,2557,2559],{"className":2558},[2470],[1925,2560,2562,2582],{"className":2561},[2305,2306],[1925,2563,2565,2579],{"className":2564},[2310],[1925,2566,2568],{"className":2567,"style":2480},[2314],[1925,2569,2570,2573],{"style":2483},[1925,2571],{"className":2572,"style":2487},[2322],[1925,2574,2576],{"className":2575},[2491,2492,2493,2494],[1925,2577,1915],{"className":2578},[2018,2019,2494],[1925,2580,2357],{"className":2581},[2356],[1925,2583,2585],{"className":2584},[2310],[1925,2586,2588],{"className":2587,"style":2508},[2314],[1925,2589],{},[1925,2591,1970],{"className":2592},[2070],[1925,2594,2416],{"className":2595},[2018,2019],[1925,2597,1981],{"className":2598},[2095],[1925,2600],{"className":2601,"style":2024},[2023],[1925,2603,1954],{"className":2604},[2028],[1925,2606],{"className":2607,"style":2024},[2023],[1925,2609,2611,2615,2618,2621],{"className":2610},[2009],[1925,2612],{"className":2613,"style":2614},[2013],"height:0.6444em;",[1925,2616,2190],{"className":2617},[2018],[1925,2619,2416],{"className":2620},[2018,2019],[1925,2622,1995],{"className":2623},[2018],[1798,2625,2626,2627,2630],{},"For education ",[1909,2628,2629],{},"e*"," to separate types:",[1925,2632,2634],{"className":2633},[1928],[1925,2635,2637,2673],{"className":2636},[1932],[1925,2638,2640],{"className":2639},[1936],[1938,2641,2642],{"xmlns":1940,"display":1941},[1943,2643,2644,2670],{},[1946,2645,2646,2648,2650,2658,2660,2662,2665,2668],{},[1956,2647,2171],{},[1952,2649,1976],{},[2651,2652,2653,2655],"msup",{},[1949,2654,2416],{},[1952,2656,2657],{},"∗",[1952,2659,2168],{},[1956,2661,1966],{},[2023,2663],{"width":2664},"1em",[2173,2666,2667],{},"(high type participates)",[1952,2669,2425],{"separator":2005},[1997,2671,2672],{"encoding":1999},"10-e^*\\ge6 \\quad\\text{(high type participates)},",[1925,2674,2676,2694,2741],{"className":2675,"ariaHidden":2005},[2004],[1925,2677,2679,2682,2685,2688,2691],{"className":2678},[2009],[1925,2680],{"className":2681,"style":2111},[2013],[1925,2683,2171],{"className":2684},[2018],[1925,2686],{"className":2687,"style":2049},[2023],[1925,2689,1976],{"className":2690},[2053],[1925,2692],{"className":2693,"style":2049},[2023],[1925,2695,2697,2701,2732,2735,2738],{"className":2696},[2009],[1925,2698],{"className":2699,"style":2700},[2013],"height:0.8747em;vertical-align:-0.136em;",[1925,2702,2704,2707],{"className":2703},[2018],[1925,2705,2416],{"className":2706},[2018,2019],[1925,2708,2710],{"className":2709},[2470],[1925,2711,2713],{"className":2712},[2305],[1925,2714,2716],{"className":2715},[2310],[1925,2717,2720],{"className":2718,"style":2719},[2314],"height:0.7387em;",[1925,2721,2723,2726],{"style":2722},"top:-3.113em;margin-right:0.05em;",[1925,2724],{"className":2725,"style":2487},[2322],[1925,2727,2729],{"className":2728},[2491,2492,2493,2494],[1925,2730,2657],{"className":2731},[2053,2494],[1925,2733],{"className":2734,"style":2024},[2023],[1925,2736,2168],{"className":2737},[2028],[1925,2739],{"className":2740,"style":2024},[2023],[1925,2742,2744,2747,2750,2754,2761],{"className":2743},[2009],[1925,2745],{"className":2746,"style":2063},[2013],[1925,2748,1966],{"className":2749},[2018],[1925,2751],{"className":2752,"style":2753},[2023],"margin-right:1em;",[1925,2755,2758],{"className":2756},[2018,2757],"text",[1925,2759,2667],{"className":2760},[2018],[1925,2762,2425],{"className":2763},[2541],[1925,2765,2767],{"className":2766},[1928],[1925,2768,2770,2805],{"className":2769},[1932],[1925,2771,2773],{"className":2772},[1936],[1938,2774,2775],{"xmlns":1940,"display":1941},[1943,2776,2777,2802],{},[1946,2778,2779,2781,2783,2785,2787,2789,2795,2797,2800],{},[1956,2780,1966],{},[1952,2782,2168],{},[1956,2784,2171],{},[1952,2786,1976],{},[1956,2788,2190],{},[2651,2790,2791,2793],{},[1949,2792,2416],{},[1952,2794,2657],{},[2023,2796],{"width":2664},[2173,2798,2799],{},"(low type does not imitate)",[1949,2801,1995],{"mathvariant":1994},[1997,2803,2804],{"encoding":1999},"6\\ge10-2e^* \\quad\\text{(low type does not imitate)}.",[1925,2806,2808,2827,2845],{"className":2807,"ariaHidden":2005},[2004],[1925,2809,2811,2815,2818,2821,2824],{"className":2810},[2009],[1925,2812],{"className":2813,"style":2814},[2013],"height:0.7804em;vertical-align:-0.136em;",[1925,2816,1966],{"className":2817},[2018],[1925,2819],{"className":2820,"style":2024},[2023],[1925,2822,2168],{"className":2823},[2028],[1925,2825],{"className":2826,"style":2024},[2023],[1925,2828,2830,2833,2836,2839,2842],{"className":2829},[2009],[1925,2831],{"className":2832,"style":2111},[2013],[1925,2834,2171],{"className":2835},[2018],[1925,2837],{"className":2838,"style":2049},[2023],[1925,2840,1976],{"className":2841},[2053],[1925,2843],{"className":2844,"style":2049},[2023],[1925,2846,2848,2851,2854,2883,2886,2892],{"className":2847},[2009],[1925,2849],{"className":2850,"style":2063},[2013],[1925,2852,2190],{"className":2853},[2018],[1925,2855,2857,2860],{"className":2856},[2018],[1925,2858,2416],{"className":2859},[2018,2019],[1925,2861,2863],{"className":2862},[2470],[1925,2864,2866],{"className":2865},[2305],[1925,2867,2869],{"className":2868},[2310],[1925,2870,2872],{"className":2871,"style":2719},[2314],[1925,2873,2874,2877],{"style":2722},[1925,2875],{"className":2876,"style":2487},[2322],[1925,2878,2880],{"className":2879},[2491,2492,2493,2494],[1925,2881,2657],{"className":2882},[2053,2494],[1925,2884],{"className":2885,"style":2753},[2023],[1925,2887,2889],{"className":2888},[2018,2757],[1925,2890,2799],{"className":2891},[2018],[1925,2893,1995],{"className":2894},[2018],[1798,2896,2897,2898,2901],{},"Thus any ",[1909,2899,2900],{},"e*∈[2,4]"," satisfies these incentive constraints given supporting beliefs. The signal conveys information because imitation is more expensive for the low type.",[2903,2904,2906],"warning",{"title":2905},"Separation need not be efficient","If education changes no productivity, resources spent only to separate types are socially costly. If education also builds human capital, signalling and productivity effects coexist and must be identified empirically.",[1793,2908,2910],{"id":2909},"_4-screening-the-uninformed-side-offers-a-menu","4. Screening: the uninformed side offers a menu",[1798,2912,2913,2914,2917,2918,2920,2921,2923],{},"An insurer offers contracts ",[1909,2915,2916],{},"(premium, coverage)"," so types select themselves. For types ",[1909,2919,1911],{}," and ",[1909,2922,1915],{},", a menu must satisfy:",[2925,2926,2928],"h3",{"id":2927},"participation-individual-rationality","Participation (individual rationality)",[1925,2930,2932],{"className":2931},[1928],[1925,2933,2935,3003],{"className":2934},[1932],[1925,2936,2938],{"className":2937},[1936],[1938,2939,2940],{"xmlns":1940,"display":1941},[1943,2941,2942,3000],{},[1946,2943,2944,2952,2954,2961,2963,2965,2977,2979,2981,2983,2986,2989,2991,2993,2995,2998],{},[2405,2945,2946,2949],{},[1949,2947,2948],{},"U",[1949,2950,2951],{},"t",[1952,2953,1970],{"stretchy":1969},[2405,2955,2956,2959],{},[1949,2957,2958],{},"C",[1949,2960,2951],{},[1952,2962,1981],{"stretchy":1969},[1952,2964,2168],{},[2405,2966,2967,2975],{},[2968,2969,2970,2972],"mover",{"accent":2005},[1949,2971,2948],{},[1952,2973,2974],{},"ˉ",[1949,2976,2951],{},[1952,2978,2425],{"separator":2005},[2023,2980],{"width":2428},[1949,2982,2951],{},[1952,2984,2985],{},"∈",[1952,2987,2988],{"stretchy":1969},"{",[1949,2990,1911],{},[1952,2992,2425],{"separator":2005},[1949,2994,1915],{},[1952,2996,2997],{"stretchy":1969},"}",[1949,2999,1995],{"mathvariant":1994},[1997,3001,3002],{"encoding":1999},"U_t(C_t)\\ge \\bar U_t,\n\\qquad t\\in\\{H,L\\}.",[1925,3004,3006,3112,3214],{"className":3005,"ariaHidden":2005},[2004],[1925,3007,3009,3012,3055,3058,3100,3103,3106,3109],{"className":3008},[2009],[1925,3010],{"className":3011,"style":2063},[2013],[1925,3013,3015,3019],{"className":3014},[2018],[1925,3016,2948],{"className":3017,"style":3018},[2018,2019],"margin-right:0.109em;",[1925,3020,3022],{"className":3021},[2470],[1925,3023,3025,3047],{"className":3024},[2305,2306],[1925,3026,3028,3044],{"className":3027},[2310],[1925,3029,3032],{"className":3030,"style":3031},[2314],"height:0.2806em;",[1925,3033,3035,3038],{"style":3034},"top:-2.55em;margin-left:-0.109em;margin-right:0.05em;",[1925,3036],{"className":3037,"style":2487},[2322],[1925,3039,3041],{"className":3040},[2491,2492,2493,2494],[1925,3042,2951],{"className":3043},[2018,2019,2494],[1925,3045,2357],{"className":3046},[2356],[1925,3048,3050],{"className":3049},[2310],[1925,3051,3053],{"className":3052,"style":2508},[2314],[1925,3054],{},[1925,3056,1970],{"className":3057},[2070],[1925,3059,3061,3065],{"className":3060},[2018],[1925,3062,2958],{"className":3063,"style":3064},[2018,2019],"margin-right:0.0715em;",[1925,3066,3068],{"className":3067},[2470],[1925,3069,3071,3092],{"className":3070},[2305,2306],[1925,3072,3074,3089],{"className":3073},[2310],[1925,3075,3077],{"className":3076,"style":3031},[2314],[1925,3078,3080,3083],{"style":3079},"top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;",[1925,3081],{"className":3082,"style":2487},[2322],[1925,3084,3086],{"className":3085},[2491,2492,2493,2494],[1925,3087,2951],{"className":3088},[2018,2019,2494],[1925,3090,2357],{"className":3091},[2356],[1925,3093,3095],{"className":3094},[2310],[1925,3096,3098],{"className":3097,"style":2508},[2314],[1925,3099],{},[1925,3101,1981],{"className":3102},[2095],[1925,3104],{"className":3105,"style":2024},[2023],[1925,3107,2168],{"className":3108},[2028],[1925,3110],{"className":3111,"style":2024},[2023],[1925,3113,3115,3119,3193,3196,3199,3202,3205,3208,3211],{"className":3114},[2009],[1925,3116],{"className":3117,"style":3118},[2013],"height:1.0145em;vertical-align:-0.1944em;",[1925,3120,3122,3159],{"className":3121},[2018],[1925,3123,3126],{"className":3124},[2018,3125],"accent",[1925,3127,3129],{"className":3128},[2305],[1925,3130,3132],{"className":3131},[2310],[1925,3133,3136,3145],{"className":3134,"style":3135},[2314],"height:0.8201em;",[1925,3137,3139,3142],{"style":3138},"top:-3em;",[1925,3140],{"className":3141,"style":2323},[2322],[1925,3143,2948],{"className":3144,"style":3018},[2018,2019],[1925,3146,3148,3151],{"style":3147},"top:-3.2523em;",[1925,3149],{"className":3150,"style":2323},[2322],[1925,3152,3156],{"className":3153,"style":3155},[3154],"accent-body","left:-0.2222em;",[1925,3157,2974],{"className":3158},[2018],[1925,3160,3162],{"className":3161},[2470],[1925,3163,3165,3185],{"className":3164},[2305,2306],[1925,3166,3168,3182],{"className":3167},[2310],[1925,3169,3171],{"className":3170,"style":3031},[2314],[1925,3172,3173,3176],{"style":3034},[1925,3174],{"className":3175,"style":2487},[2322],[1925,3177,3179],{"className":3178},[2491,2492,2493,2494],[1925,3180,2951],{"className":3181},[2018,2019,2494],[1925,3183,2357],{"className":3184},[2356],[1925,3186,3188],{"className":3187},[2310],[1925,3189,3191],{"className":3190,"style":2508},[2314],[1925,3192],{},[1925,3194,2425],{"className":3195},[2541],[1925,3197],{"className":3198,"style":2545},[2023],[1925,3200],{"className":3201,"style":2549},[2023],[1925,3203,2951],{"className":3204},[2018,2019],[1925,3206],{"className":3207,"style":2024},[2023],[1925,3209,2985],{"className":3210},[2028],[1925,3212],{"className":3213,"style":2024},[2023],[1925,3215,3217,3220,3223,3226,3229,3232,3235,3238],{"className":3216},[2009],[1925,3218],{"className":3219,"style":2063},[2013],[1925,3221,2988],{"className":3222},[2070],[1925,3224,1911],{"className":3225,"style":2498},[2018,2019],[1925,3227,2425],{"className":3228},[2541],[1925,3230],{"className":3231,"style":2549},[2023],[1925,3233,1915],{"className":3234},[2018,2019],[1925,3236,2997],{"className":3237},[2095],[1925,3239,1995],{"className":3240},[2018],[2925,3242,3244],{"id":3243},"truthful-self-selection-incentive-compatibility","Truthful self-selection (incentive compatibility)",[1925,3246,3248],{"className":3247},[1928],[1925,3249,3251,3299],{"className":3250},[1932],[1925,3252,3254],{"className":3253},[1936],[1938,3255,3256],{"xmlns":1940,"display":1941},[1943,3257,3258,3296],{},[1946,3259,3260,3266,3268,3274,3276,3278,3284,3286,3292,3294],{},[2405,3261,3262,3264],{},[1949,3263,2948],{},[1949,3265,1911],{},[1952,3267,1970],{"stretchy":1969},[2405,3269,3270,3272],{},[1949,3271,2958],{},[1949,3273,1911],{},[1952,3275,1981],{"stretchy":1969},[1952,3277,2168],{},[2405,3279,3280,3282],{},[1949,3281,2948],{},[1949,3283,1911],{},[1952,3285,1970],{"stretchy":1969},[2405,3287,3288,3290],{},[1949,3289,2958],{},[1949,3291,1915],{},[1952,3293,1981],{"stretchy":1969},[1952,3295,2425],{"separator":2005},[1997,3297,3298],{"encoding":1999},"U_H(C_H)\\ge U_H(C_L),",[1925,3300,3302,3403],{"className":3301,"ariaHidden":2005},[2004],[1925,3303,3305,3308,3348,3351,3391,3394,3397,3400],{"className":3304},[2009],[1925,3306],{"className":3307,"style":2063},[2013],[1925,3309,3311,3314],{"className":3310},[2018],[1925,3312,2948],{"className":3313,"style":3018},[2018,2019],[1925,3315,3317],{"className":3316},[2470],[1925,3318,3320,3340],{"className":3319},[2305,2306],[1925,3321,3323,3337],{"className":3322},[2310],[1925,3324,3326],{"className":3325,"style":2480},[2314],[1925,3327,3328,3331],{"style":3034},[1925,3329],{"className":3330,"style":2487},[2322],[1925,3332,3334],{"className":3333},[2491,2492,2493,2494],[1925,3335,1911],{"className":3336,"style":2498},[2018,2019,2494],[1925,3338,2357],{"className":3339},[2356],[1925,3341,3343],{"className":3342},[2310],[1925,3344,3346],{"className":3345,"style":2508},[2314],[1925,3347],{},[1925,3349,1970],{"className":3350},[2070],[1925,3352,3354,3357],{"className":3353},[2018],[1925,3355,2958],{"className":3356,"style":3064},[2018,2019],[1925,3358,3360],{"className":3359},[2470],[1925,3361,3363,3383],{"className":3362},[2305,2306],[1925,3364,3366,3380],{"className":3365},[2310],[1925,3367,3369],{"className":3368,"style":2480},[2314],[1925,3370,3371,3374],{"style":3079},[1925,3372],{"className":3373,"style":2487},[2322],[1925,3375,3377],{"className":3376},[2491,2492,2493,2494],[1925,3378,1911],{"className":3379,"style":2498},[2018,2019,2494],[1925,3381,2357],{"className":3382},[2356],[1925,3384,3386],{"className":3385},[2310],[1925,3387,3389],{"className":3388,"style":2508},[2314],[1925,3390],{},[1925,3392,1981],{"className":3393},[2095],[1925,3395],{"className":3396,"style":2024},[2023],[1925,3398,2168],{"className":3399},[2028],[1925,3401],{"className":3402,"style":2024},[2023],[1925,3404,3406,3409,3449,3452,3492,3495],{"className":3405},[2009],[1925,3407],{"className":3408,"style":2063},[2013],[1925,3410,3412,3415],{"className":3411},[2018],[1925,3413,2948],{"className":3414,"style":3018},[2018,2019],[1925,3416,3418],{"className":3417},[2470],[1925,3419,3421,3441],{"className":3420},[2305,2306],[1925,3422,3424,3438],{"className":3423},[2310],[1925,3425,3427],{"className":3426,"style":2480},[2314],[1925,3428,3429,3432],{"style":3034},[1925,3430],{"className":3431,"style":2487},[2322],[1925,3433,3435],{"className":3434},[2491,2492,2493,2494],[1925,3436,1911],{"className":3437,"style":2498},[2018,2019,2494],[1925,3439,2357],{"className":3440},[2356],[1925,3442,3444],{"className":3443},[2310],[1925,3445,3447],{"className":3446,"style":2508},[2314],[1925,3448],{},[1925,3450,1970],{"className":3451},[2070],[1925,3453,3455,3458],{"className":3454},[2018],[1925,3456,2958],{"className":3457,"style":3064},[2018,2019],[1925,3459,3461],{"className":3460},[2470],[1925,3462,3464,3484],{"className":3463},[2305,2306],[1925,3465,3467,3481],{"className":3466},[2310],[1925,3468,3470],{"className":3469,"style":2480},[2314],[1925,3471,3472,3475],{"style":3079},[1925,3473],{"className":3474,"style":2487},[2322],[1925,3476,3478],{"className":3477},[2491,2492,2493,2494],[1925,3479,1915],{"className":3480},[2018,2019,2494],[1925,3482,2357],{"className":3483},[2356],[1925,3485,3487],{"className":3486},[2310],[1925,3488,3490],{"className":3489,"style":2508},[2314],[1925,3491],{},[1925,3493,1981],{"className":3494},[2095],[1925,3496,2425],{"className":3497},[2541],[1925,3499,3501],{"className":3500},[1928],[1925,3502,3504,3552],{"className":3503},[1932],[1925,3505,3507],{"className":3506},[1936],[1938,3508,3509],{"xmlns":1940,"display":1941},[1943,3510,3511,3549],{},[1946,3512,3513,3519,3521,3527,3529,3531,3537,3539,3545,3547],{},[2405,3514,3515,3517],{},[1949,3516,2948],{},[1949,3518,1915],{},[1952,3520,1970],{"stretchy":1969},[2405,3522,3523,3525],{},[1949,3524,2958],{},[1949,3526,1915],{},[1952,3528,1981],{"stretchy":1969},[1952,3530,2168],{},[2405,3532,3533,3535],{},[1949,3534,2948],{},[1949,3536,1915],{},[1952,3538,1970],{"stretchy":1969},[2405,3540,3541,3543],{},[1949,3542,2958],{},[1949,3544,1911],{},[1952,3546,1981],{"stretchy":1969},[1949,3548,1995],{"mathvariant":1994},[1997,3550,3551],{"encoding":1999},"U_L(C_L)\\ge U_L(C_H).",[1925,3553,3555,3656],{"className":3554,"ariaHidden":2005},[2004],[1925,3556,3558,3561,3601,3604,3644,3647,3650,3653],{"className":3557},[2009],[1925,3559],{"className":3560,"style":2063},[2013],[1925,3562,3564,3567],{"className":3563},[2018],[1925,3565,2948],{"className":3566,"style":3018},[2018,2019],[1925,3568,3570],{"className":3569},[2470],[1925,3571,3573,3593],{"className":3572},[2305,2306],[1925,3574,3576,3590],{"className":3575},[2310],[1925,3577,3579],{"className":3578,"style":2480},[2314],[1925,3580,3581,3584],{"style":3034},[1925,3582],{"className":3583,"style":2487},[2322],[1925,3585,3587],{"className":3586},[2491,2492,2493,2494],[1925,3588,1915],{"className":3589},[2018,2019,2494],[1925,3591,2357],{"className":3592},[2356],[1925,3594,3596],{"className":3595},[2310],[1925,3597,3599],{"className":3598,"style":2508},[2314],[1925,3600],{},[1925,3602,1970],{"className":3603},[2070],[1925,3605,3607,3610],{"className":3606},[2018],[1925,3608,2958],{"className":3609,"style":3064},[2018,2019],[1925,3611,3613],{"className":3612},[2470],[1925,3614,3616,3636],{"className":3615},[2305,2306],[1925,3617,3619,3633],{"className":3618},[2310],[1925,3620,3622],{"className":3621,"style":2480},[2314],[1925,3623,3624,3627],{"style":3079},[1925,3625],{"className":3626,"style":2487},[2322],[1925,3628,3630],{"className":3629},[2491,2492,2493,2494],[1925,3631,1915],{"className":3632},[2018,2019,2494],[1925,3634,2357],{"className":3635},[2356],[1925,3637,3639],{"className":3638},[2310],[1925,3640,3642],{"className":3641,"style":2508},[2314],[1925,3643],{},[1925,3645,1981],{"className":3646},[2095],[1925,3648],{"className":3649,"style":2024},[2023],[1925,3651,2168],{"className":3652},[2028],[1925,3654],{"className":3655,"style":2024},[2023],[1925,3657,3659,3662,3702,3705,3745,3748],{"className":3658},[2009],[1925,3660],{"className":3661,"style":2063},[2013],[1925,3663,3665,3668],{"className":3664},[2018],[1925,3666,2948],{"className":3667,"style":3018},[2018,2019],[1925,3669,3671],{"className":3670},[2470],[1925,3672,3674,3694],{"className":3673},[2305,2306],[1925,3675,3677,3691],{"className":3676},[2310],[1925,3678,3680],{"className":3679,"style":2480},[2314],[1925,3681,3682,3685],{"style":3034},[1925,3683],{"className":3684,"style":2487},[2322],[1925,3686,3688],{"className":3687},[2491,2492,2493,2494],[1925,3689,1915],{"className":3690},[2018,2019,2494],[1925,3692,2357],{"className":3693},[2356],[1925,3695,3697],{"className":3696},[2310],[1925,3698,3700],{"className":3699,"style":2508},[2314],[1925,3701],{},[1925,3703,1970],{"className":3704},[2070],[1925,3706,3708,3711],{"className":3707},[2018],[1925,3709,2958],{"className":3710,"style":3064},[2018,2019],[1925,3712,3714],{"className":3713},[2470],[1925,3715,3717,3737],{"className":3716},[2305,2306],[1925,3718,3720,3734],{"className":3719},[2310],[1925,3721,3723],{"className":3722,"style":2480},[2314],[1925,3724,3725,3728],{"style":3079},[1925,3726],{"className":3727,"style":2487},[2322],[1925,3729,3731],{"className":3730},[2491,2492,2493,2494],[1925,3732,1911],{"className":3733,"style":2498},[2018,2019,2494],[1925,3735,2357],{"className":3736},[2356],[1925,3738,3740],{"className":3739},[2310],[1925,3741,3743],{"className":3742,"style":2508},[2314],[1925,3744],{},[1925,3746,1981],{"className":3747},[2095],[1925,3749,1995],{"className":3750},[2018],[1798,3752,3753],{},"In a standard competitive insurance model, the high-risk type may receive full insurance while the low-risk contract is distorted toward a deductible to deter imitation. The distortion is a cost of private information, not a technological need.",[1793,3755,3757],{"id":3756},"_5-moral-hazard-reward-observable-outcomes","5. Moral hazard: reward observable outcomes",[1798,3759,3760,3761,3764,3765,3768,3769,3772],{},"A principal observes output but not effort. High effort creates success probability ",[1909,3762,3763],{},"0.8"," and costs the agent 1; low effort creates probability ",[1909,3766,3767],{},"0.4"," and costs 0. A success bonus is ",[1909,3770,3771],{},"b",", with zero base pay and risk-neutral parties.",[1798,3774,3775],{},"High effort is incentive compatible when:",[1925,3777,3779],{"className":3778},[1928],[1925,3780,3782,3810],{"className":3781},[1932],[1925,3783,3785],{"className":3784},[1936],[1938,3786,3787],{"xmlns":1940,"display":1941},[1943,3788,3789,3807],{},[1946,3790,3791,3793,3795,3797,3799,3801,3803,3805],{},[1956,3792,3763],{},[1949,3794,3771],{},[1952,3796,1976],{},[1956,3798,1973],{},[1952,3800,2168],{},[1956,3802,3767],{},[1949,3804,3771],{},[1952,3806,2425],{"separator":2005},[1997,3808,3809],{"encoding":1999},"0.8b-1\\ge0.4b,",[1925,3811,3813,3834,3852],{"className":3812,"ariaHidden":2005},[2004],[1925,3814,3816,3819,3822,3825,3828,3831],{"className":3815},[2009],[1925,3817],{"className":3818,"style":2038},[2013],[1925,3820,3763],{"className":3821},[2018],[1925,3823,3771],{"className":3824},[2018,2019],[1925,3826],{"className":3827,"style":2049},[2023],[1925,3829,1976],{"className":3830},[2053],[1925,3832],{"className":3833,"style":2049},[2023],[1925,3835,3837,3840,3843,3846,3849],{"className":3836},[2009],[1925,3838],{"className":3839,"style":2814},[2013],[1925,3841,1973],{"className":3842},[2018],[1925,3844],{"className":3845,"style":2024},[2023],[1925,3847,2168],{"className":3848},[2028],[1925,3850],{"className":3851,"style":2024},[2023],[1925,3853,3855,3859,3862,3865],{"className":3854},[2009],[1925,3856],{"className":3857,"style":3858},[2013],"height:0.8889em;vertical-align:-0.1944em;",[1925,3860,3767],{"className":3861},[2018],[1925,3863,3771],{"className":3864},[2018,2019],[1925,3866,2425],{"className":3867},[2541],[1798,3869,3870],{},"so:",[1925,3872,3874],{"className":3873},[1928],[1925,3875,3877,3896],{"className":3876},[1932],[1925,3878,3880],{"className":3879},[1936],[1938,3881,3882],{"xmlns":1940,"display":1941},[1943,3883,3884,3893],{},[1946,3885,3886,3888,3890],{},[1949,3887,3771],{},[1952,3889,2168],{},[1956,3891,3892],{},"2.5.",[1997,3894,3895],{"encoding":1999},"b\\ge2.5.",[1925,3897,3899,3917],{"className":3898,"ariaHidden":2005},[2004],[1925,3900,3902,3905,3908,3911,3914],{"className":3901},[2009],[1925,3903],{"className":3904,"style":2226},[2013],[1925,3906,3771],{"className":3907},[2018,2019],[1925,3909],{"className":3910,"style":2024},[2023],[1925,3912,2168],{"className":3913},[2028],[1925,3915],{"className":3916,"style":2024},[2023],[1925,3918,3920,3923],{"className":3919},[2009],[1925,3921],{"className":3922,"style":2614},[2013],[1925,3924,3892],{"className":3925},[2018],[1798,3927,3928,3929,3932],{},"If successful output is worth 10, the principal's expected profit at ",[1909,3930,3931],{},"b=2.5"," is:",[1925,3934,3936],{"className":3935},[1928],[1925,3937,3939,3970],{"className":3938},[1932],[1925,3940,3942],{"className":3941},[1936],[1938,3943,3944],{"xmlns":1940,"display":1941},[1943,3945,3946,3967],{},[1946,3947,3948,3950,3952,3954,3956,3959,3961,3963,3965],{},[1956,3949,3763],{},[1952,3951,1970],{"stretchy":1969},[1956,3953,2171],{},[1952,3955,1976],{},[1956,3957,3958],{},"2.5",[1952,3960,1981],{"stretchy":1969},[1952,3962,1954],{},[1956,3964,1966],{},[1952,3966,2425],{"separator":2005},[1997,3968,3969],{"encoding":1999},"0.8(10-2.5)=6,",[1925,3971,3973,3997,4018],{"className":3972,"ariaHidden":2005},[2004],[1925,3974,3976,3979,3982,3985,3988,3991,3994],{"className":3975},[2009],[1925,3977],{"className":3978,"style":2063},[2013],[1925,3980,3763],{"className":3981},[2018],[1925,3983,1970],{"className":3984},[2070],[1925,3986,2171],{"className":3987},[2018],[1925,3989],{"className":3990,"style":2049},[2023],[1925,3992,1976],{"className":3993},[2053],[1925,3995],{"className":3996,"style":2049},[2023],[1925,3998,4000,4003,4006,4009,4012,4015],{"className":3999},[2009],[1925,4001],{"className":4002,"style":2063},[2013],[1925,4004,3958],{"className":4005},[2018],[1925,4007,1981],{"className":4008},[2095],[1925,4010],{"className":4011,"style":2024},[2023],[1925,4013,1954],{"className":4014},[2028],[1925,4016],{"className":4017,"style":2024},[2023],[1925,4019,4021,4025,4028],{"className":4020},[2009],[1925,4022],{"className":4023,"style":4024},[2013],"height:0.8389em;vertical-align:-0.1944em;",[1925,4026,1966],{"className":4027},[2018],[1925,4029,2425],{"className":4030},[2541],[1798,4032,4033,4034,4037],{},"versus ",[1909,4035,4036],{},"0.4(10)=4"," under low effort and no bonus. Incentivising effort is profitable in this benchmark.",[1798,4039,4040],{},"With a risk-averse agent, a stronger outcome-contingent bonus also transfers more uncontrollable risk. Optimal contracts trade off incentives against insurance. Limited liability, multitasking, manipulation, team production, and repeated reputation can change the result.",[1793,4042,4044],{"id":4043},"_6-first-best-and-second-best","6. First-best and second-best",[1809,4046,4047,4054],{},[1812,4048,4049,4053],{},[4050,4051,4052],"strong",{},"First-best:"," type and action are contractible; choose the surplus-maximising allocation and transfer.",[1812,4055,4056,4059],{},[4050,4057,4058],{},"Second-best:"," impose IC, IR, observability, budget, and enforcement constraints.",[1798,4061,4062],{},"The information rent earned by a type may be necessary to preserve truthful participation. Calling it “overpayment” ignores the counterfactual: removing the rent can destroy the allocation or induce misreporting.",[1793,4064,4066],{"id":4065},"_7-current-case-machine-learning-in-mortgage-credit","7. Current case: machine learning in mortgage credit",[1798,4068,4069,4070,4077],{},"Fuster, Goldsmith-Pinkham, Ramadorai, and Walther compare statistical models using roughly 10 million US mortgages and embed predictions in a competitive lending model. Their machine-learning models slightly expand access and reduce disparity in acceptance, yet increase cross-group disparity in equilibrium interest rates; model flexibility, not only proxying for race, drives the distributional pattern (",[4071,4072,4076],"a",{"href":4073,"rel":4074},"https:\u002F\u002Fdoi.org\u002F10.1111\u002Fjofi.13090",[4075],"nofollow","2022",").",[1798,4079,4080],{},"The example separates four questions:",[4082,4083,4084,4090,4096,4102],"ol",{},[1812,4085,4086,4089],{},[4050,4087,4088],{},"prediction:"," who is estimated likely to default?",[1812,4091,4092,4095],{},[4050,4093,4094],{},"decision:"," which loss or regulatory objective converts risk into approval and price?",[1812,4097,4098,4101],{},[4050,4099,4100],{},"equilibrium:"," how do lenders and applicants respond?",[1812,4103,4104,4107],{},[4050,4105,4106],{},"distribution:"," which groups gain on access and interest-rate margins?",[1798,4109,4110],{},"Better prediction does not mechanically imply lower inequality or higher welfare. The study uses a historical US mortgage setting and counterfactual models; deployment data, newer underwriting rules, causal responses, and alternative fairness criteria can change conclusions.",[1793,4112,4114],{"id":4113},"_8-contract-and-algorithm-audit","8. Contract and algorithm audit",[1798,4116,4117],{},"For a contract, score, or recommendation rule, record:",[1809,4119,4120,4123,4126,4129,4132,4135,4138],{},[1812,4121,4122],{},"target variable and whose welfare enters the objective;",[1812,4124,4125],{},"data available to each party at each stage;",[1812,4127,4128],{},"action\u002Freport that can be manipulated;",[1812,4130,4131],{},"IC and IR constraints;",[1812,4133,4134],{},"false-positive and false-negative incidence;",[1812,4136,4137],{},"equilibrium adaptation and appeals;",[1812,4139,4140],{},"external validity and monitoring plan.",[1793,4142,4144],{"id":4143},"practice","Practice",[4082,4146,4147,4150,4157,4160,4167],{},[1812,4148,4149],{},"Change the lemons values and find the minimum high-quality share for pooling trade.",[1812,4151,4152,4153,4156],{},"In the signalling example, make ",[1909,4154,4155],{},"c_H=e\u002F2","; find the separating interval.",[1812,4158,4159],{},"Write all four IC\u002FIR inequalities for a two-type insurance menu.",[1812,4161,4162,4163,4166],{},"Resolve the moral-hazard bonus when high effort succeeds with probability ",[1909,4164,4165],{},"0.7"," and costs 1.5.",[1812,4168,4169],{},"Explain why equal approval rates, equal default rates, and equal interest rates are different policy targets.",[1793,4171,4173],{"id":4172},"quick-check","Quick check",[1809,4175,4176,4179,4182,4185,4188],{},[1812,4177,4178],{},"Adverse selection concerns hidden type before contract; moral hazard hidden action after.",[1812,4180,4181],{},"A credible signal must be differentially costly or beneficial across types.",[1812,4183,4184],{},"Screening designs a menu so private types sort themselves.",[1812,4186,4187],{},"Incentive pay transfers risk as well as motivation.",[1812,4189,4190],{},"Predictive accuracy, equilibrium welfare, and fairness are separate claims.",[1798,4192,4193,4196,4197,1995],{},[4050,4194,4195],{},"Next:"," ",[4071,4198,4200],{"href":4199},"..\u002F08-mechanism-design\u002F","design rules for truthful reports and strategic bids",{"title":10,"searchDepth":4202,"depth":4202,"links":4203},2,[4204,4205,4206,4207,4208,4209,4214,4215,4216,4217,4218,4219],{"id":1795,"depth":4202,"text":1796},{"id":1803,"depth":4202,"text":1804},{"id":1829,"depth":4202,"text":1830},{"id":1903,"depth":4202,"text":1904},{"id":2381,"depth":4202,"text":2382},{"id":2909,"depth":4202,"text":2910,"children":4210},[4211,4213],{"id":2927,"depth":4212,"text":2928},3,{"id":3243,"depth":4212,"text":3244},{"id":3756,"depth":4202,"text":3757},{"id":4043,"depth":4202,"text":4044},{"id":4065,"depth":4202,"text":4066},{"id":4113,"depth":4202,"text":4114},{"id":4143,"depth":4202,"text":4144},{"id":4172,"depth":4202,"text":4173},"Adverse selection, signalling, screening, moral hazard, incentive compatibility, and machine-learning credit evidence.","md",null,{},true,{"title":763,"description":4220},"xs03J9jhiYFrHzYkbYL4-viAv3XsnHJyFJXp2yVF3kc",[4228,4230],{"title":757,"path":758,"stem":759,"description":4229,"children":-1},"Cournot, Bertrand, Stackelberg, collusion, entry, platform competition, pricing algorithms, welfare, and competition policy.",{"title":769,"path":770,"stem":771,"description":4231,"children":-1},"Revelation, incentive compatibility, Vickrey–Clarke–Groves mechanisms, first-price bidding, revenue equivalence, optimal auctions, and digital advertising.",1785754732776]