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Here are some expressions I am not sure to understand, I put my translation, thanks for telling me whether it is correct



In the economics of information there is a crucial distinction between private information on events which do not depend on the actions of economic agents, in other words exogenous events or moves by Nature, and private information on events whose realization may depend on them. This distinction must be taken into consideration whenever [lorsque ?] results of informational efficiency in decentralized markets are shown to hold [sont démontrés], as in asset market models or in general equilibrium models with rational expectations.


Accordingly, the subject of these studies is restricted to situations where all that matters is differences of information on future states of nature. Such phenomena as moral hazard and adverse selection must be assumed away [négligé dans l'analyse ?] from this kind of general equilibrium analysis.


In fact, as is well known, Hayek's idea of personal knowledge refers to individual skills, techniques of thought [mode de raisonnement ?]...


Indeed, since much of the knowledge dispersed throughout the economy is in a constant state of flux – the relevant knowledge being "the knowledge which he [an individual agent] is bound to acquire in view of the position [qu'il sera nécéssairement amené à avoir étant donné sa position] in which he originally is, and the plan he then makes"...


The first interpretation catches precisely this question. Let us then
concentrate on the first interpretation, and ask how an individual agent can get a return on unreportable knowledge. Of course, he can use his informational advantage in the competitive process by bidding up the price of certain resources he knows he can use more profitably than they are currently used.


As Moss (1994) has recently remarked, in his 1940 essay on socialist calculation, Hayek maintained that "without the threat of job loss and reorganization such as provided by 'take-over' mechanism in the market for corporate control" [sans la menace de perte d'emploi ou de réorganisation telle qu'elle est suscitée par le mécanisme de fusion/acquisition dans le marché pour le controle des entreprises] it is not clear how "organizational structures and incentive systems that encourage loyalty and hard work" could be implemented.


The relevance of this question is increased by the fact that post-
Walrasian developments have stressed the importance of those contractual
structures apt to enforce market claims.


In the majority of cases, this private information bears a direct relation either to the agent's skills, or to his specific role within the production process. Furthermore, this type of information is costless for the agent who possesses it, but it contributes to defining the reward scheme, thereby proving to be subject to monetary evaluation in the drawing up of the
contract. [mais elle permet de définir le schéma de rémunération, en le soumettant à une évaluation monétaire dans la rédaction du contrat].


But my first goal here is to examine if our assessment so far needs to be emended [si notre examen faite jusqu'ici a besoin de... ou si notre examen a jusqu'ici besoin de... ?] when only unreportable knowledge is taken into account.