| dc.contributor.author | GOTTARDI, Piero | |
| dc.contributor.author | RAHI, Rohit | |
| dc.date.accessioned | 2014-12-04T16:34:46Z | |
| dc.date.available | 2014-12-04T16:34:46Z | |
| dc.date.issued | 2014 | |
| dc.identifier.citation | International Economic Review, 2014, Vol. 55, No. 1, pp. 57–81 | |
| dc.identifier.issn | 0020-6598 | |
| dc.identifier.issn | 1468-2354 | |
| dc.identifier.uri | https://hdl.handle.net/1814/33681 | |
| dc.description.abstract | We study the value of public information in competitive economies with incomplete markets. We show that generically the welfare effect of a change in the information available prior to trading can be in any direction : There exist changes in information that make all agents better off and changes for which all agents are worse off. In contrast, for any change in information, a Pareto improvement is feasible, that is, attainable by a planner facing the same informational and asset market constraints as agents. In this sense, the response of competitive markets to changes in information is typically not socially optimal. | |
| dc.language.iso | en | |
| dc.relation.ispartof | International Economic Review | |
| dc.relation.isversionof | http://hdl.handle.net/1814/14440 | |
| dc.title | Value of information in competitive economies with incomplete markets | |
| dc.type | Article | |
| dc.identifier.doi | 10.1111/iere.12041 | |
| dc.identifier.volume | 55 | |
| dc.identifier.startpage | 57 | |
| dc.identifier.endpage | 81 | |
| eui.subscribe.skip | true | |
| dc.identifier.issue | 1 | |
| dc.description.version | Published version of EUI ECO WP 2010/34 | |