Essay: William Vickery’s Research Work
II. Thesis Statement: William Vickery’s research work to a great extent revolutionalized primary concepts in economics that realized greater understanding of what drove individuals in economics: incentives.
William Vickery was a man of great intelligence with inherent interests and concerns with fostering the welfare of fellow human beings. In his attempts to alleviate human suffering, Vickery devoted his entire life studying about economics earning the 1996 Nobel Prize in economics (Dreze 180). His relentless efforts of studying and eventually coming up with what is now called the theory of incentives in economics with regard to the asymmetric information bore him fruits by that prestigious international award (Blackhouse 34). His contribution to the incentives theory was measured by very excellent insights that he drew up from a very broad understanding of the realities in economics.
IV. Research Question
The research question that William Vickery sough to answer by his formulation of the theory of Incentives was ‘What really drove people to behave in a particular way in economics’. From his research study and conclusions of the Theory of Incentives, Vickery concluded that people in economics are driven by incentives to work hard and deliver effectively (Wildasin 64).
V. The Incentives Theory
The incentives theory in economics refers to the design implicated in the formulation of rules alongside the various institutions that are thought to be responsible for stimulating various agents of economics to impart effectively and possibly offer all the relevant information that the economists might be having through ways that are truthful. The incentive theory when approached from a theoretical view corresponds to the game theory with respect to incomplete information where by the bargaining power has been eradicated through relating to economic agents. In this regard, the principal together with the implicated ability to formulate the rules relating to the other agent’s games are such that might be possibly induced to participate.
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