Value of Information in Competitive Economies with Incomplete Markets

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dc.contributor.author GOTTARDI, Piero
dc.contributor.author RAHI, Rohit
dc.date.accessioned 2010-08-27T13:09:40Z
dc.date.available 2010-08-27T13:09:40Z
dc.date.issued 2010
dc.identifier.issn 1725-6704
dc.identifier.uri http://hdl.handle.net/1814/14440
dc.description.abstract We study the value of information in a competitive economy in which agents trade in asset markets to reallocate risk. We characterize the kinds of information that allow a welfare improvement when portfolios can be freely reallocated. We then compare competitive equilibria before and after a change in information. We show that generically, if markets are sufficiently incomplete, the welfare effects are completely arbitrary: there typically exist changes in information that make all agents better off, or all agents worse off. en
dc.language.iso en en
dc.relation.ispartofseries EUI ECO en
dc.relation.ispartofseries 2010/34 en
dc.subject D52 en
dc.subject D60 en
dc.subject D80 en
dc.subject Competitive Equilibrium en
dc.subject Incomplete Markets en
dc.subject Value of Information en
dc.title Value of Information in Competitive Economies with Incomplete Markets en
dc.type Working Paper en
dc.neeo.contributor GOTTARDI|Piero|aut|EUI70004
dc.neeo.contributor RAHI|Rohit|aut|
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