Titlebook: Islamic Finance in the Light of Modern Economic Theory; Suren Basov,M. Ishaq Bhatti Book 2016 The Editor(s) (if applicable) and The Author

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Islamic Finance in the Light of Modern Economic Theory978-1-137-28662-8

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The Editor(s) (if applicable) and The Author(s) 2016

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IntroductionIn this chapter we discuss our main rationale for writing this book and introduce the reader to the two worlds of finance.

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The Revelation PrincipleThe main application of game theory to IF comes through a technique known as . In a mechanism design problem a designer, a principal, (a seller of a good, a government, a board of directors, etc.) tries to design an economic mechanism (a pricing schedule, a tax code, an employment contract, etc.) to achieve a certain social or economic objective.

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Game Theoryame in general one has to specify: the players, that is who is involved; the rules, that is who moves when, what they know when they move, what they can do; the outcomes, that is for each possible set of actions, what will happen and what the payoffs are.

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Monopolistic Screening railroad and electricity schedules and rental rates for durable goods and space. Another application of these models is to devise an optimal compensation scheme for a firm’s manager. The major justification for non-linear pricing is the existence of private information on the side of consumers.