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Topic: Signaling (economics)

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	Signalling (economics) - Wikipedia, the free encyclopedia
		In economics, more precisely in contract theory, signalling is the idea that one party (termed the agent) conveys some meaningful information about itself to another party (the principal).
		For example, in Michael Spence's job-market signalling model, employees signal the level of their skills to employers by acquiring a certain degree of education.
		Signalling took root in the idea of asymmetric information (a deviation from perfect information), which says that in some economic transactions, inequalities in access to information upset the normal market for the exchange of goods and services.
	en.wikipedia.org /wiki/Signaling_(economics) (507 words)

	signaling - HighBeam Encyclopedia
		SIGNALING [signaling] transmission of information by visible, audible, or other detectable means.
		Various remote-control devices use signaling: infrared signals, sent in coded pulses, are used to control the function of audio and video entertainment devices.
		NO/cGMP signaling and HSP90 activity represses metamorphosis in the sea urchin lytechinus pictus.
	www.encyclopedia.com /doc/1E1-signalin.html (680 words)

	Economics
		Majors enrolled in a 40-level course or in Economics 80, 81, or 82 ("80-level") whose research papers for the course are deemed of exceptional merit by the instructor shall be granted honors in economics without necessarily enrolling in Economics 87.
		A fourth method of obtaining honors is to complete the Economics 80-81-82 sequence with an average of B+, with a total of at least ten courses in the major, and having received a grade of A- or better in each of the prerequisite classes (i.e.
		Prerequisites: Economics 20, 21, 22, 29 and 39.
	www.dartmouth.edu /~reg/courses/desc/econ.html (3535 words)

	Too Cool for School? Signaling and Countersignaling
		Signalling and Countersignalling by Nick Feltovich, Richmond [Rick] Harbaugh, and Ted To, RAND Journal of Economics, Vol.
		signaling formalized this argument by showing that wasteful actions can separate higher "quality" types from lower quality types if the action is less burdensome to the higher quality types.
		Since medium types are signaling to differentiate themselves from low types, high types may choose to not signal, or countersignal, to differentiate themselves from medium types.
	zhongwen.com /cs/index.html (1042 words)

	Haverford College
		Economics 100 or 101*; 102; 203; 300; 302; 304; and 396; three other semester courses above the 100 level, one of which must be at the 300 level; two semesters of college-level calculus or equivalent.
		Economics majors whose grade point average in economics courses at the beginning of the second semester of the senior year is 3.6 or higher is invited to become a candidate for the degree with Honors in economics.
		Prerequisite: Economics 300 and 302 (or equivalent) or consent of the instructor.
	www.haverford.edu /catalog/economics.htm (3345 words)

	Course Catalog
		Economics 100 can be applied with approval of the chair, and conditional on a grade of 3.0 or higher.
		Prerequisites: Economics 101 or Economics 100 with approval of the chair and conditional on a grade of 3.0 or higher.
		Prerequisites: Economics 300, 302 and 304; or consent of the instructor.
	www.haverford.edu /econ/Curriculum/CourseCatalog.html (1867 words)

	Signaling for Interviews in the Economics Job Market
		Applicants: Applicants interested in sending a signal will be asked to register at the JOE site, with their full name, email address, year of Ph.D. (or other degree), degree granting institution, and current position (if not graduate student).
		You might therefore want to send a signal to an employer that you like but that might otherwise doubt whether they are likely to be able to hire you.
		Or, you might want to send a signal to an employer that you think might be getting many applications from candidates somewhat similar to you, and a signal of your particular interest would help them to break ties.
	www.aeaweb.org /joe/signal (535 words)

	Phillip J. Nelson and Kenneth V. Greene: Signaling Goodness, University of Michigan Press
		Signaling Goodness develops an alternative explanation - the theory of asymmetric "goodness" - that successfully predicts both political behavior as well as the behavior of charity, the traditional bastion of altruistic theorizing.
		Signaling Goodness has its source in his interest in both areas since it concerns the ways in which political positions and ethical behavior convey information.
		His interest in developing testable theories of the political process helped to generate the book's focus: what theories of ethical behaviors can both explain such behavior, including what is called political charity, and lead to testable hypotheses.
	www.press.umich.edu /titleDetailDesc.do?id=17724 (460 words)

	Economics at Brown University \| Graduate Program
		The first year involves core courses in microeconomics (Economics 205, 206), macroeconomics (Economics 207, 208), econometrics (Economics 203, 204), and two additional courses, one in mathematics (Economics 201) and one in applied economics analysis (Economics 202).
		The faculty includes the editor of the Journal of Economic Growth, a past editor of the American Economic Review, several Fellows of the Econometric Society, several Sloan Fellows, several Guggenheim Fellows, and several associates and fellows of the National Bureau of Economic Research and the Center for Economic Policy Research.
		However, four semesters of economic analysis and two years of calculus are required for admission.
	www.brown.edu /Departments/Economics/graduate.php (2805 words)

	Too Cool for School? Signaling and Countersignaling
		Signaling and Countersignaling by Nick Feltovich, Rick Harbaugh, and Ted To, RAND Journal of Economics, Winter 2002.
		This reverse signaling can invert a number of the standard implications of signaling models.
		Because these are imperfect signals, middle-ability applicants might be confused with either high-ability or low-ability types.
	www.bus.indiana.edu /riharbau/cs/index.html (1031 words)

	Signaling games - Wikipedia, the free encyclopedia
		Signaling games are dynamic games with two players, the sender (S) and the receiver (R).
		I have now described the character of a case of signaling without mentioning the meaning of the signals: that two lanterns meant that the redcoats were coming by sea, or whatever.
		The antlers of stags, the elaborate plumage of peacocks and birds of paradise, and the song of the nightingale are all such signals.
	en.wikipedia.org /wiki/Signaling_games (1322 words)

	Greg Mankiw's Blog: Signaling at the AEA Job Market
		The basic idea of a signaling mechanism is that there is a big part of the market in which departments, in allocating scarce interview slots, have to form an assessment not only of how promising a student looks, but also of how likely that student is to be interested in them.
		The new signaling mechanism is just a supplement to the traditional ways of signaling interest, and may be of most help to students who are interested in places to which they don't have other reliable means of conveying their interest.
		Or, you might want to send a signal to a department that you think might be getting many applications from candidates somewhat similar to you, and a signal of your particular interest would help them to break ties.
	gregmankiw.blogspot.com /2006/10/signaling-at-aea-job-market.html (1947 words)

	Wolfgang Gick's Homepage at Dartmouth College
		The economic effects of expenditure policies, such as social security, Medicare, welfare, and environmental policies are discussed.
		Economics 35 focuses on the basic concepts of game theory with an emphasis on economic applications.
		Economics 81 is an advanced course on the economics of information.
	www.dartmouth.edu /~wgick (720 words)

	Stanford GSB: Stanford Business February 2002
		NOBEL PRIZES IN ECONOMICS go to people who create order out of the apparent chaos of markets, but their ideas often are regarded as kooky at first.
		What he wrote about education in 1972 was that a college degree had more private economic value to the individual who receives it than economic value to society from the individual’s added productivity.
		“The idea of signaling is pretty simple,” he says now, “but there is a complicated part about the equilibrium,” by which he means the patterns of job applicant behavior and employer wage offers that persist because the signals appear to produce confirming feedback.
	www.gsb.stanford.edu /community/bmag/sbsm0202/faculty_news.html (1195 words)

	About SI: Event Details
		Rick Harbaugh, a candidate for a joint faculty appointment between SI and the Gerald R. Ford School of Public Policy, will speak on "Signaling and Countersignaling: A Theory of Understatement." His research is primarily in information economics, including information-based models of social behavior, pricing of information goods, education incentives, discrimination, and auctions.
		Signaling models show how seemingly wasteful behavior such as credentialism and conspicuous consumption can be used by "high" quality types to differentiate themselves from lower types.
		Despite the successful application of signaling models in areas from finance to biology, it appears that high quality types sometimes avoid the signals that should separate them from lower types, while intermediate types are often the most anxious to send the right signals.
	www.si.umich.edu /about-SI/event-details.htm?ID=793 (355 words)

	SSRN-Too Cool for School? Signaling and Countersignaling by Nicholas Feltovich, Rick Harbaugh, Ted To
		In signaling environments ranging from consumption to education, high quality senders often shun the standard signals that should separate them from lower quality senders.
		We find that allowing for additional, noisy information on sender quality permits equilibria where medium types signal to separate themselves from low types, but high types then choose to not signal or "countersignal".
		High types not only save costs by relying on the additional information to stochastically separate them from low types, but countersignaling itself is a signal of confidence which separates high types from medium types.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=272593 (261 words)

	The Theory of Honest Signaling - Examples from Economics
		While Mill acknowledged that people invest in status signals, he stopped short of a complete economic theory of status signalling; for examaple, he has little to say about what sorts of commodities will be effective as status goods.
		In any community where such an invidious comparison of persons is habitually made, visible success becomes an end sought for its own utility as a basis of esteem.
		Where Veblen went beyond Smith and Mills was exploring the ways in which individuals could effectively signal wealth, and how the aim of signalling wealth influences cultural behavior.
	octavia.zoology.washington.edu /handicap/veblen.html (489 words)

	EconLog, Education and Signaling (2002-12-07): Library of Economics and Liberty
		If most of the return to education comes from signaling, rather than from actual increases in productivity, then there is a case that the private benefit is higher than the social benefit.
		My reading of the evidence is that education is much more than a rat race, and that signaling effects--if they exist at all--account for only a small fraction of the private return to schooling.
		The cuneiform inscription in the logo is the earliest-known written appearance of the word "freedom" (amagi), or "liberty." It is taken from a clay document written about 2300 B.C. in the Sumerian city-state of Lagash.
	econlog.econlib.org /GQE/gqe349.html (198 words)

	EconLog, Mixed Signals: Why Becker, Cowen, and Kling Should Reconsider the Signaling Model of Education, Bryan Caplan: ...
		Gary Becker, Tyler Cowen, and Arnold Kling have all recently criticized the signaling theory of education.
		If education is pure signaling, just give everyone a standardized test in seventh grade and then close up the schools.
		They have to be signaling to the people that demand their graduates that their product is better.
	econlog.econlib.org /archives/2006/02/mixed_signals.html (3392 words)

	The Prize in Economics 2001 - Press Release
		While his own research emphasized education as a productivity signal in job markets, subsequent research has suggested many other applications, e.g., how firms may use dividends to signal their profitability to agents in the stock market.
		Joseph Stiglitz clarified the opposite type of market adjustment, where poorly informed agents extract information from the better informed, such as the screening performed by insurance companies dividing customers into risk classes by offering a menu of contracts where higher deductibles can be exchanged for significantly lower premiums.
		Since 1980 Goldman Professor of Economics at the University of California at Berkeley.
	nobelprize.org /nobel_prizes/economics/laureates/2001/press.html (556 words)

	Job market signaling and screening: An experimental comparison
		We compare a signaling and a screening variant, and we analyze the e¤ect of increasing the number of employers from two to three.
		Royal Holloway, University of London: Discussion Papers in Economics with number 04/02.
		Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using
	ideas.repec.org /p/hol/holodi/0402.html (859 words)

	EconLog, Two Educational Heresies: Ability Bias vs. Signaling, Bryan Caplan: Library of Economics and Liberty
		However, signaling by itself does not imply that the private benefit of education is any less than it seems to be: If you want to cash in on your brains, you've got to suffer through school first.
		However, whether education is signaling or not makes a great deal of difference from an ethical viewpoint: The world as a whole is better off if people have more productive skills, but not if people jump through more academic hoops.
		To the extent that education is signaling, the return to education will decline as this technology is adopted.
	econlog.econlib.org /archives/2006/06/two_educational.html (1499 words)

	SSRN-Signaling with Externality by Mikko Leppamaki, Mikko Mustonen
		It is shown first that in the case negative and mild positive externalities, the least cost separating equilibrium is standard.
		In contrast to previous literature, we show that when the magnitude of positive externalities is high enough, the least cost separating equilibrium is rather different in nature: The "good" type will choose the highest rather than the lowest possible levels of credential in order to separate from the "bad" type.
		Interestingly, in the case of very strong positive market externalities, the separation of workers' types is impossible, and we end up with a pooling equilibrium with maximum signaling.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=555681 (346 words)

	Spence, A. Michael
		Spence is the third Nobel laureate in economics at the Graduate School of Business following awards to Myron S. Scholes, the Frank E. Buck Professor of Finance, Emeritus, in 1997 and William Sharpe, the STANCO 25 Professor of Finance, Emeritus, in 1990.
		His economic models demonstrated how information could be used to communicate a superior position.
		Stiglitz is the former Joan Kenney Professor of Economics at Stanford and was also a senior fellow at the Hoover Institution.
	www.cartage.org.lb /en/themes/Biographies/MainBiographies/S/Spence/Spence.htm (989 words)

	SSRN-Signaling, Globality, and the Intuitive Criterion by Christian Ewerhart, Philipp Wichardt
		A global signaling game is a sender-receiver game in which the sender is only imperfectly informed about the receiver's preferences.
		The paper considers an economically relevant class of signaling games that possess more than one Perfect Bayesian equilibrium.
		For this class of games, it is shown that a Perfect Bayesian equilibrium is unaffected by a small perturbation of the information structure if and only if it is consistent with a criterion suggested by Cho and Kreps (1987).
	papers.ssrn.com /sol3/papers.cfm?abstract_id=555688 (255 words)

	NEMA - Signaling Protection & Communication Section (Site not responding. Last check: 2007-11-05)
		Purpose Statement: To be the principal source of technical, training and educational information essential for the specification and manufacture of reliable life safety products, their installation, performance, maintenance and inspection.
		The association also conducts economic analyses on the impact of legislation and regulations on member products, and monitors and reports on key industry market indicators.
		NEMA is the leading trade association in the U.S. representing the interests of electroindustry manufacturers of products used in the generation, transmission and distribution, control, and end-use of electricity.
	www.nema.org /signaling (1060 words)

	Mover Mike - Economics
		Yesterday, in a post about the inverted yield curve, I said the yield curve was signaling a recession is coming.
		They are always followed by economic slowdown — or outright recession — as well as lower interest rates across the board.
		When it comes down to a choice between an economic collapse or inflation, the FED is going to flood the world with liquidity.
	www.movermike.com /economics (6937 words)

	English Signal
		Signal processing, the field of techniques used to extract information from signals
		Signal (computing), an event, message, or data structure transmitted between computational processes
		Signalling theory in biology, how organisms signal their state to others
	articles.gourt.com /?article=signal (155 words)

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