English, Article, Journal or magazine article edition: Value of Information in Competitive Economies with Incomplete Markets Rohit Rahi; Piero Gottardi

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Bookmark: http://trove.nla.gov.au/version/44748
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Value of Information in Competitive Economies with Incomplete Markets
Author
  • Rohit Rahi
  • Piero Gottardi
Physical Description
  • preprint
Notes
  • A substantial literature addresses the negative effect on welfare of the release of information in a competitive market economy. We show that the value of information in this setting is typically positive if asset markets are sufficiently incomplete. More specifically, for any competitive equilibrium of a generic economy, we can find a finer information structure such that an allocation that is resource feasible and measurable with respect to this information ex-post Pareto dominates the given equilibrium allocation.
  • RePEc:ven:wpaper:2007_25
  • A substantial literature addresses the negative effect on welfare of the release of information in a competitive market economy. We show that the value of information in this setting is typically positive if asset markets are sufficiently incomplete. More specifically, for any competitive equilibrium of a generic economy, we can find a finer information structure such that an allocation that is resource feasible and measurable with respect to thisinformation ex-post Pareto dominates the given equilibrium allocation.Journal of Economic Literature Classification Numbers: D52, D60, D80.Keywords: Competitive Equilibrium, Incomplete Markets, Value of Information.
  • RePEc:fmg:fmgdps:dp596
Language
  • English
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