Value of information in competitive economies with incomplete markets

Piero Gottardi and Rohit Rahi ()

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: A substantial literature addresses the negative eect on welfare of the release of information in a competitive market economy. We show that the value of information in this setting is typically positive if asset markets are suciently incomplete. More specically, for any competitive equilibrium of a generic economy, we can nd a ner information structure such that an allocation that is resource feasible and measurable with respect to this information ex- post Pareto dominates the given equilibrium allocation.

Keywords: competitive equilibrium; incomplete markets; value of information (search for similar items in EconPapers)
JEL-codes: D52 D60 D80 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2007-09-01
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http://eprints.lse.ac.uk/4749/ Open access version. (application/pdf)

Related works:
Journal Article: VALUE OF INFORMATION IN COMPETITIVE ECONOMIES WITH INCOMPLETE MARKETS (2014)
Working Paper: Value of information in competitive economies with incomplete markets (2010)
Working Paper: Value of Information in Competitive Economies with Incomplete Markets (2010)
Working Paper: Value of Information in Competitive Economies with Incomplete Markets (2010)
Working Paper: Value of Information in Competitive Economies with Incomplete Markets (2007)
Working Paper: Value of Information in Competitive Economies with Incomplete Markets (2007)
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