The Value of Information in Production Economies

Eckwert B, Zilcha I (2001)
Journal of Economic Theory 100(1): 172-186.

Zeitschriftenaufsatz | Veröffentlicht | Englisch
 
Download
Es wurde kein Volltext hochgeladen. Nur Publikationsnachweis!
Autor*in
Eckwert, BernhardUniBi; Zilcha, Itzhak
Abstract / Bemerkung
It is known that Blackwell's (1953, Ann. Math. Statist.24, 265–272) theorem, according to which more information always has positive value, does not hold in many economic circumstances. In particular, in exchange economies with random endowments it may fail completely. We show that in certain economies with risk averse consumers and risk neutral producers the Blackwell theorem holds in competitive equilibrium, given that risk sharing markets are absent. However, in the presence of a risk sharing market it is shown that for CRRA utility functions all agents may become (weakly) worse off with better information.
Stichworte
risk sharing; information system; Journal of Economic Literature Classification Numbers: D51; G14.Blackwell theorem; D80
Erscheinungsjahr
2001
Zeitschriftentitel
Journal of Economic Theory
Band
100
Ausgabe
1
Seite(n)
172-186
ISSN
0022-0531
Page URI
https://pub.uni-bielefeld.de/record/1879755

Zitieren

Eckwert B, Zilcha I. The Value of Information in Production Economies. Journal of Economic Theory. 2001;100(1):172-186.
Eckwert, B., & Zilcha, I. (2001). The Value of Information in Production Economies. Journal of Economic Theory, 100(1), 172-186. doi:10.1006/jeth.2000.2756
Eckwert, B., and Zilcha, I. (2001). The Value of Information in Production Economies. Journal of Economic Theory 100, 172-186.
Eckwert, B., & Zilcha, I., 2001. The Value of Information in Production Economies. Journal of Economic Theory, 100(1), p 172-186.
B. Eckwert and I. Zilcha, “The Value of Information in Production Economies”, Journal of Economic Theory, vol. 100, 2001, pp. 172-186.
Eckwert, B., Zilcha, I.: The Value of Information in Production Economies. Journal of Economic Theory. 100, 172-186 (2001).
Eckwert, Bernhard, and Zilcha, Itzhak. “The Value of Information in Production Economies”. Journal of Economic Theory 100.1 (2001): 172-186.