The Value of Information in Some General Equilibrium Models

Bernhard Eckwert and Itzhak Zilcha

No 275634, Foerder Institute for Economic Research Working Papers from Tel-Aviv University > Foerder Institute for Economic Research

Abstract: The paper generalizes Blackwell's Theorem, according to which the welfare effects of an improvement in information are positive to a certain class of general equilibrium production economies. The consumer preferences in this class of economies exhibit either constant relative risk aversion or constant relative risk aversion or constant absolute risk aversion. We also demonstrate that the introduction of risk sharing markets may invalidate the Blackwell result.

Keywords: Financial Economics; Research Methods/ Statistical Methods (search for similar items in EconPapers)
Pages: 25
Date: 1998-07
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Citations: View citations in EconPapers (1)

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Working Paper: The Value of Information in Some General Equilibrium Models (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:isfiwp:275634

DOI: 10.22004/ag.econ.275634

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