This is the second of three volumes containing edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society, held in Shanghai in August 2010. The papers summarize and interpret key developments in economics and econometrics, and they discuss future directions for a wide variety of topics, covering both theory and application. Written by the leading specialists in their fields, these volumes provide a unique, accessible survey of progress on the discipline. The first volume primarily addresses economic theory, with specific focuses on nonstandard markets, contracts, decision theory, communication and organizations, epistemics and calibration, and patents.

Daron Acemoglu is the Elizabeth and James Killian Professor of Economics at the Massachusetts Institute of Technology and the recipient of the John Bates Clark Medal in 2005. He is the author of numerous works including Economic Origins of Dictatorship and Democracy, with James Robinson (Cambridge University Press, 2006) and Introduction to Modern Economic Growth (2009). He is the current editor of Econometrica. Manuel Arellano is a Professor of Econometrics at CEMFI, Madrid. His many published articles have appeared in numerous journals, including Econometrica, the Journal of Econometrics and The Economic Journal. He is the author of Panel Data Econometrics (2003) and currently serves as second vice-president of the Econometric Society. Eddie Dekel is the William R. Kenan, Jr Professor of Economics at Northwestern University and Grace and Daniel Ross Professor of Economics at Tel Aviv University. He is a member of the American Academy of Arts and Sciences, a past editor of Econometrica, and a current associate editor of Theoretical Economics and the Journal of Economic Literature.