Blackwell's ordering and public information.
We characterize a precise comparative static on welfare and the amount of public information in an economy under uncertainty. Results dating to Hirshleifer (Amer. Econom. Rev. 61 (1971) 561) have suggested that information can have negative value in such a setting, but counterexamples using competit...
| Publicado en: | Journal of Economic Theory Vol. 114; no. 2; pp. 179 - 198 |
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| Formato: | Artículo |
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Academic Press Inc.
February 2004
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=513165807&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 513165807 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00220531 RTH jtl: Journal of Economic Theory issn: 00220531 maglogo: N pubinfo: dt: February 2004 vid: 114 iid: 2 pid: 735 pub: Academic Press Inc. artinfo: ui: 513165807 10.1016/S0022-0531(03)00118-2 ppf: 179 ppct: 19 formats: tig: atl: Blackwell's ordering and public information. aug: au: Campbell, Colin M. su: Blackwell, David, 1919-2010 Information theory in economics Welfare economics Resource allocation -- Mathematical models Uncertainty Economics sug: subj: Information theory in economics Welfare economics Resource allocation -- Mathematical models Uncertainty Economics Blackwell, David, 1919-2010 ab: We characterize a precise comparative static on welfare and the amount of public information in an economy under uncertainty. Results dating to Hirshleifer (Amer. Econom. Rev. 61 (1971) 561) have suggested that information can have negative value in such a setting, but counterexamples using competitive equilibrium outcomes have suppressed general results to this effect. We show that under the solution concept of implementable allocations, the negative relationship between more public information in the sense of Blackwell and welfare is fully general. Furthermore, Blackwell's ranking is necessary as well as sufficient to obtain our ranking, and hence ours provides an equivalent characterization of his ordering. © 2003 Elsevier Science (USA). All rights reserved. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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