The Social Value of Cost Information in a Monopolistically Competitive Economy

Szczutkowski A (2010)
Journal of Public Economic Theory 12(2): 345-362.

Zeitschriftenaufsatz | Veröffentlicht | Englisch
 
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Abstract / Bemerkung
An economy with monopolistic competition is endowed with an information system that produces a public information signal correlated to uncertain costs of production. Investment in the monopolistic competition sector is determined by consumers' savings under uncertainty. Savings are always lower than their efficient levels in the presented economy. If consumers' preferences exhibit prudence, then an improvement of the underlying information system (in the sense of Blackwell 1953) leads to a decrease of expected savings. The social value of information may be negative in that case from an ex ante point of view. Better information may strengthen the market failure caused by imperfect competition. Without precautionary saving (negative prudence), the social value of information is always positive.
Stichworte
Monopolistischer Wettbewerb | Monopolistic competition | Produktionskosten | Production costs | Informationssystem | Information system | Sparen | Savings | Informationswert | Information value | Theorie | Theory
Erscheinungsjahr
2010
Zeitschriftentitel
Journal of Public Economic Theory
Band
12
Ausgabe
2
Seite(n)
345-362
ISSN
1097-3923
eISSN
1467-9779
Page URI
https://pub.uni-bielefeld.de/record/1796304

Zitieren

Szczutkowski A. The Social Value of Cost Information in a Monopolistically Competitive Economy. Journal of Public Economic Theory. 2010;12(2):345-362.
Szczutkowski, A. (2010). The Social Value of Cost Information in a Monopolistically Competitive Economy. Journal of Public Economic Theory, 12(2), 345-362. https://doi.org/10.1111/j.1467-9779.2010.01454.x
Szczutkowski, A. (2010). The Social Value of Cost Information in a Monopolistically Competitive Economy. Journal of Public Economic Theory 12, 345-362.
Szczutkowski, A., 2010. The Social Value of Cost Information in a Monopolistically Competitive Economy. Journal of Public Economic Theory, 12(2), p 345-362.
A. Szczutkowski, “The Social Value of Cost Information in a Monopolistically Competitive Economy”, Journal of Public Economic Theory, vol. 12, 2010, pp. 345-362.
Szczutkowski, A.: The Social Value of Cost Information in a Monopolistically Competitive Economy. Journal of Public Economic Theory. 12, 345-362 (2010).
Szczutkowski, Andreas. “The Social Value of Cost Information in a Monopolistically Competitive Economy”. Journal of Public Economic Theory 12.2 (2010): 345-362.

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